- Hide menu

Most Purchase Agreements Are Contingent On Which Two Items

Let`s start with the different parts of a standard purchase agreement. At least, residential real estate contracts usually include the following: Any good realtor will order his buyer to plan the inspection fee, as this is one of the best protections a buyer has. The idea is that they don`t end up paying too much for a house that has hidden flaws (or at least that`s not obvious to the inexperienced eye). When buying a home, a buyer must understand that he is paying for an inspection because the inspector works for you, not for the seller. The inspection section in the sales contract gives the buyer a period of time to have the house examined for major defects and safety issues and to determine if they wish to have them treated by the seller. This is what we call another “buyer/seller negotiation” process in the transaction. The buyer may require certain items to be repaired or addressed and the seller may renegotiate. A good broker will have prepared the sellers for this part of the transaction, so the seller should be prepared to correct any major defects found during the inspection. In rare cases, the buyer may find that the house is in such poor condition that he can ask to terminate the sales contract with mutual release and get the refund of his serious money. Our experience is that if both parties are reasonable, it can be developed to the satisfaction of both parties. Remember, if a buyer waives the right of inspection, you are back to “Buyer Attention.” For example, it might work against you to make the agreement depend on the sale of your current home — especially in a seller`s market where the owner has to consider other offers.

In the financing of the seller, the seller plays the role of lender. Instead of offering cash to the buyer, the seller offers the buyer a reasonable credit for the cost of acquiring the home, net of any down payment or down payment. To formalize it, the seller and buyer sign a seller`s voucher or a change of contract, a legal document that gives the seller the right to own the loan. Then the buyer repays the loan on time, usually with interest. When buying a home, inspections are to your advantage, as buyers. They allow you to get a complete picture of the condition of the house you want to buy. Most buyers are familiar with home inspection, which includes a general study of the interior and exterior of the home, as well as its systems. However, there are other inspections that are covered by this contingency, such as the . B mold or damage caused by wood-destroying insects. In many countries, sellers are required to disclose to the sale any knowledge of past methamphetamine production in the field. If the seller is aware of the former production of methamphetamine, the withdrawal and remediation status must be described in the purchase contract or in an addendum of methamphetamine.

Comments are closed.