Terms and conditions
When negotiating with the buyer you want to be sure the terms and conditions
are fair and acceptable to you. Because a real estate purchase contract is complicated
you need to ensure you understand it. Ask your Condosource agent about any questions
you might have. Following are six areas to pay close attention to:
- What are the cutoff dates for inspections and approvals. It is to your
advantage to have these completed and signed off as soon as possible.
- Understand who is responsible for making repairs as a result of an inspection.
- Are you being required to provide any warranties regarding the condition
of the property?
- When will escrow close – be sure you are ok with the date. You are
expected to be out before the property changes hands.
- Understand what contingencies you are being asked to offer. You want the
fewest number of contingencies – each one increase the possibility the
sale may fall apart.
- Validate that your buyer has financing. They should provide a letter of
pre-approval from their lending
institution. If possible, do not accept an offer if the buyer is not pre-approved
for a loan.
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