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Failing to close on the agreed-upon date would be a breach of contract (assuming that the closing date was one of the contractual terms). However, not all contractual breaches are created equal.There is no single answer as to what happens if the seller can’t close on time.
→ Read MoreWhat is recording title all about?
→ Read MoreNormally the most important provision in a real estate contract for the home buyer (as well as the seller) is the selling price of the property. The contract should also include a standard clause that enables the buyer to have an inspection made of the property within a certain period of time by third parties, to make sure there are no hidden problems affecting the integrity of the home. Another important provision is a loan contingency clause (purchase is conditioned on the buyer getting financing) to buy the property.
→ Read MoreRepairs to a home can cost thousands of dollars and environmental hazards like mold, lead paint, or formaldehyde can cause serious health problems. You want to make sure you know what you’re getting before you spend thousands on a down payment and go into
→ Read MoreIn order to protect buyers and sellers, a number of different clauses are usually included in an offer to purchase or in a purchase/sale agreement for residential real estate. These clauses are called contingencies. Most contingencies in residential real estate transactions are in place to protect buyers.
→ Read MoreThere is no law outlawing short sales of a home to a relative per se. What you will need to do is to prove to the bank that this is on the up and up; that your relative is getting the same terms that a stranger would get in an arm’s length transaction. Transparency and documentation should be your watchwords.
→ Read MoreCERCLA makes both current and former property owners jointly and severally liable for the cleanup of contaminated property unless you are exempt as a bona fide prospective purchaser, a contiguous property owner or an innocent landowner. Bona fide prospective purchasers are those who enter into a covenant with the EPA granting them liability protection before they buy contaminated land. Contiguous property owners are those who own property that is contaminated by their neighbor’s behavior. Innocent landowners are those who acquire property and who have no knowledge of the contamination at the time of their purchase.
→ Read MoreIf you are buying a new property, there are several steps you can take to determine if there are any hazardous materials, such as (1) a home inspection by a certified inspector, (2) the history of any permits pulled on the property as well as whether there is any information available on public records about the surrounding area and (3) disclosures, although exactly what must be disclosed varies by state.
→ Read MoreWhat is a ‘listing agreement’?
→ Read MoreAfter you find the home you want to buy, you, as the buyer, will present an offer through the real estate agent to the seller, outlining the purchase price, time to close escrow, contingencies, amount of deposit, etc. The seller can reject the officer, accept or counter. If a deposit is required, an escrow account is set up. Various property inspections are performed to determine the overall condition of the property. The Transfer Disclosure Statement is filled out by the seller and given to the buyer, which details the present condition of the property, including defects and malfunctions. If defects are uncovered, it is necessary to decide if the repairs will be done at the seller’s expense, or taken as a credit against the purchase price.
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