Buyers Beware Before You Sign in Purchasing a New Home

Purchasing a new home can be exciting, motivating and overwhelming to say the least. All of the emotions combined can sometimes cause the buyer to be a bit less attentive to the details and more concerned with the climax and close of the deal. Because of this buyer’s anxiety, it is easy to overlook important information that is included in the contract. This information is binding and most likely can’t and won’t be changed once the signature is added. Therefore, it is imperative to read, understand, ask questions and review what you’ve read numerous of times before placing your signature on the contract.

Magnify the MLS Listing

As a buyer, it is never safe to assume that everything is as it appears. In fact, it’s only safe to assume that nothing is as it appears and therefore, you should double check every aspect of your contract. The MLS listing is often the burden of many buyers because they assume if it’s listed, it’s theirs. There are occasions when the buyer and seller begin to renegotiate the terms of the contract by asking for extras and adding these things into the contract. At this point, it is best to also rewrite all of the original inclusions (which appeared on the MLS listing) into the new documents or contracts as well. This will provide protection and present certain guarantees at the close of the deal. This also makes it binding in the event something isn’t honoured by the seller.

It is important for the buyer to understand that there are certain appliances that are considered a part of the property and under no circumstances should they be taken away once the property is sold. This is a binding portion of the home sale and it should be clearly understood by both parties to avoid any unforeseen incidences from occurring after the close of the deal.

As Is Property

The As Is terminology in regards to a real estate contract must be clearly understood. The details of it and parties responsible for certain “As Is” conditions is extremely important. Buyers should be fully informed or knowledgeable of any repairs associated with the sale and who holds responsibility for those repairs. Buyers should be certain to get full estimates that detail the complete cost of the repair that you are assuming as is. These costs increase the overall investment you’ll be placing into the home as part of the purchase.

“As is” home sales are quite common and there are only a few notables to be considered when purchasing a home under these conditions. Sellers still have a responsibility to the buyer to disclose any and all facts of materials and defects that they have knowledge of regarding the home. The buyer has the right to conduct property inspections within all provisions of the purchase contract agreement. In addition, the buyer does have rights to negotiate conditions discovered in their inspection as well.

Reading and reviewing all contracts before signing will drastically reduce the risk of after closing nightmares for the buyer.

 

 

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