Real Estate – Buy or Sell a Property? Give yourself as much leeway as possible
Buying or selling a property – Give yourself all the leeway or “leeway” you can get. Real estate agents and professional lawyers would simply advise this. It’s perfectly standard practice, perfectly legal, and very acceptable and smart too.
Why be boxed in and limited when it comes to options, as well as your inherent flexibility when it comes time to make that deal or ultimately close or choose to walk away from the deal? After all, there are always plenty of other fish in the sea, fish to fry, and houses or properties to look at or buyers wanting to complete their property and real estate purchase.
For example, as a buyer or buyer. In the standard “offer to buy”, add as many conditions as possible. For example, the conditions that apply to the sale, such as “subject to financing”, “subject to a complete home inspection report”, etc. Having such a clause may allow you to get out of a deal instead of being forced into it. If your financing doesn’t go through, as part of your written contract, you’re allowed to back out of the deal if you change your mind about the house or property. Similarly, if the home inspector finds additional problems with the home, office building, or property, instead of being bound by a contract without such a clause, you now have the right under the report not to proceed with completion of the rest of the purchase. If you had not had that clause in the contract, you would be under a legal obligation to complete the sales contract, along with any additional costs you might incur to bring the property up to date. Remember that these are costs that you were not aware of and were not planning for as part of the overall costs of your real estate purchase. Having reasonable clauses in the contract offer allows you the luxury of not being tied down to a sale that is not in your best interest.
It is best to hire a trained professional, such as a licensed home inspector, to complete the evaluation. It is true that in some cases, laymen have seen obvious examples, unlike reputable professionals, of the courts confirming the intent of the action, but why risk the extra effort on your part? Trained and accredited third-party professionals are always a good investment.
On the other side of the fence, what can sellers do to protect themselves too? First, the entire offer to purchase is not valid or binding until it is signed by both parties, both the buyer and the seller. If the seller is unsure about completing the deal, if there are other offers on the way, the sale price is a little low, or there are additional conditions to the sale that the seller is not 100% comfortable with, then there is no law or ruling that the seller has to complete the process at that time by physically signing the deed of sale of the property or properties involved. This buys the seller some time.
When the seller signs the written contract, the “bill of sale,” it can be argued that just as the buyer is entitled to the terms of the sale, so is the seller. In a similar way, and almost identical, to the case of the buyer or acquirer, the listing of the conditions and terms of the sale in the written contract are perfectly standard and admissible. The goal, as with the buyer, is to provide the seller of the property with the same “leeway” that applies to the sale of the property. The seller can do the same and similar as the buyer, only on the other side of the fence. For example, some standard tactics that can and do apply for the seller’s contract relate to the “bill of sale” contract, for example, terms and conditions like “approval from my solicitor or solicitor,” “subject to time specific”, or in the case of an active real estate market: the provision of an “auction” allowed within a certain time frame. What this implies is that for a specified period of time, the seller is entitled to receive superior or alternative purchase offers, even after a signed bill of sale contract is agreed upon.
Buying or selling a property, whether for a home, commercial property or summer cabin, vacation property, or other real estate transactions, are among the highest and most expensive transactions most people will undertake. Why not make the process easier for yourself and allow as much flexibility as both parties, both the buyer and seller of the real estate and the legal contract, the bill of sale will allow?