Buying and selling a home can be an overwhelming process full of legal details that you may not understand. For this reason, we strongly suggest hiring a professional realtor to represent you and ensure that your best interests are being looked after.
There are a couple of common mistakes that take place when buyers submit an offer, however, these can be avoided if worded correctly and are caught before the contract is signed.
Home Inspection Clause
Numerous home sales have collapsed due to the wording of the home inspection clause. This clause states that the buyer has the right to withdraw their offer if the home inspection proves any unsatisfactory results. Unfortunately, many buyers have taken advantage of this clause and withdrawn offers for various non-issues stated in the home inspection. This has caused many sellers a great deal of time, money, and upset.
To avoid this problem, as a seller, we suggest wording this clause to state that the seller has the option to repair any problems that were found in the home inspection at the seller's expense, prior to closing.
All buyers have the right to add a survey clause to their real estate contract. As a seller, if you have added an addition or a pool to your property since your last survey, unfortunately, this will be out-of-date and a new survey will be required. The cost of an up-to-date survey can cost you approximately $700 - $1,500, depending on the size of your property, the age of your most recent survey, and the additions that have been added to the property.
Swimming Pool Clause
When buying or selling a home with a swimming pool, there should be a specific legal clause that addresses this directly. Some contracts are written to state that the seller provides a warranty to the pool to survive closing, however, it may be better stated that at the time of closing, the seller believes the pool to be in good working condition. This protects both the buyer and seller, rather than just the buyer.
Hiring a real estate professional and having a lawyer who specializes in real estate law on your team will be extremely beneficial to you when buying or selling your home. We suggest reviewing all real estate contracts carefully and asking your realtor or lawyer if you have questions about any of the clauses or fine details prior to signing any documents.