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Typical Provisions in a Seller’s Real Estate Sales Contract

The seller will want to be sure that the contract specifies that 1) s/he (the seller) is entitled to damages (usually the deposit) if the buyer does not fulfill his or her end of the contract; 2) all statements made about the property by the seller are accurate and 3) any of the buyer’s contingencies – like inspections or financing – will be taken care of in a reasonable amount of time. The question of whether or not it is in the home seller’s best interest to have an attorney’s fee clause in the purchase agrement is debatable.

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Short Sale of a Home to a Relative

There 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.

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In the disclosure statement on a home sale, I wrote that the old roof “leaked (replaced) age 1 year old”. The buyer is suing me in court for a leaking roof saying that I had misrepresented the state of the roof. Does he have a leg to stand on?

The seller would have a defense only if he/she disclosed everything about the roof, i.e. specified exactly the locations of the leaks, that the roof was not a new roof, exactly what areas were replaced, how and by whom, the roof is sold in as-is condition and the seller gives no warranties as to the condition.

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