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Selling - The Legal Issues
The
Offer
Once you have had a buyer make an offer and you have accepted it,
you both have certain responsibilities you must live up to. There are two
standard contingencies that ensure both parties are covered. There is a
financing contingency - this makes the sale dependent upon the buyer’s
ability to obtain a loan. If they cannot, the seller is free to open the house
back up to the market. Then there is an Inspection contingency - this
ensures the buyer a professional inspection of the property to their
satisfaction. Once a buyer has put down a deposit, they forfeit it if they back
out of the deal for any reason not stipulated in the contract.
The
Purchase Agreement
The purchase agreement must include the
seller’s responsibilities, such as passing a clear title, maintaining the
property in its present condition until closing, and making the agreed upon
repairs to the property prior to the buyer’s moving in.
Most sellers prefer
to make all the minor repairs prior to putting their house on the market; this
can help them endure their asking price. And nearly all purchase agreements
include a buyer contingency called an Inspection Clause, whereby a buyer
can back out if there are numerous defects found. It can behoove a seller to
make the repairs before listing the house because a buyer can use the “needed
repairs” angle to negotiate a lower price. Plus remember that once you sell, you
are looking for your next house, and you do not want to have to spend all of
your time fixing the house that you are moving out
of.
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