While Finalising The Contract, Avoid Making These House Selling Blunders.
According to reports, among the most silly mistakes house sellers make when finalising a property purchase is not properly specifying the payment timetable to the buyer. This may generate issues later on if the seller decides to invest a portion of the proceeds elsewhere. There are further errors that house sellers are frequently guilty of. Check them out to avoid future headaches!
Payment Schedule
It is best to minimise uncertainty as much as possible when dealing with real estate since you cannot allow yourself to leave anything to chance. Make certain that you both agree on all terms of the transaction before putting them in writing in the sale agreement into which you both would enter.
It is not, for example, ideal to merely discuss the payment timetable orally. It is preferable to have it put out in the selling agreement so that there is no misunderstanding in the buyer’s mind about when he is anticipated to make the full payment to you. Click here to learn more about what a selling agreement is.
Payment Method
You can also specify the method of payment you want in the agreement, such as whether you prefer a Demand Draft (DD) rather than a conventional cheque as the means of payment for receiving the final selling amount from the buyer.
Items That You Will Supply To The Buyer
Remember to negotiate with the buyer and specify in writing in the sale agreement and sale deed what all products you will supply in relation to the residential unit, as well as if you will perform any additional repair or modification work on the unit.
Withdrawing From The Agreement
You may have come to believe in the buyer’s desire not to waste your time by pulling out of the purchase later in the process. However, in real estate, this is not recommended. As a backup plan, include a stipulation in the sale agreement stating that if the buyer backs out of the deal or fails to complete the final payment on time (as mutually agreed), the earnest or token money (usually 10 to 20% of the total sale evaluation) paid by the buyer to you in the beginning is non-refundable. Including this language in the sale agreement will provide you with additional security in knowing that the buyer is legitimate and that if the buyer pulls out for any justification, you will receive cash recompense for your spent time, efforts, and missed opportunity to negotiate a better price.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
