Personal Property Buildings
It doesn’t matter what the seller tells you when you’re shopping for a home; the property description that goes into the contract is the one that is enforceable. You may think that the shed or other outbuilding on the property is included in the home purchase, but you could be in for a surprise when you show up after closing to find that the seller removed the extra buildings to take to the new home. Make sure your purchase and sale agreement includes an accurate description of all buildings that will be included in the transaction, and include this item on your pre-closing checklist. Continue reading “Property Description: Buildings” »
Personal Fixtures
Another important element of your property description is fixtures. When you buy a home, you assume that certain elements are being included in the property. In many cases, it’s understood that things like fireplaces, bannisters and crown moulding are being sold along with the home, as these are permanent fixtures that are attached to the house itself. But fixtures may not always be as permanent as they appear, and some homeowners have even been known to unbolt fixtures to take them when they sell a home. Make sure you include a thorough description of all property fixtures so you can ensure that everything is there when you move into your new home. Continue reading “Property Description: Fixtures” »
Personal Property
Personal property is the most intangible and potentially contentious item in a purchase and sale agreement. In some cases, sellers may agree to throw in some personal property to sweeten a deal and make a buyer more interested in a home purchase. In other cases, a buyer may erroneously assume that personal property comes along with the property. In either case, it’s important to write into the contract a thorough, comprehensive description of any personal property that is included in the home purchase. Without a complete description, misunderstandings or outright deceit may arise. Continue reading “Property Description: Personal Property” »
Property Description
When you buy a new home, your property description may include four elements: site, buildings, fixtures and personal property. It’s vital to clearly define each of these sections in your purchase and sale agreement. If you provide an incomplete property description, you may not get what you think you’re getting when you buy a home. A thorough property description that details the site tells you exactly what you’re getting, and prevents the seller from making any last minute changes or substitutions. When you’re writing a property description for your home site, these are the things you need to consider: Continue reading “Property Description: Site” »
Earnest Money Deposit
An important part of the home purchase process is the earnest money or good faith deposit. An earnest money deposit shows the sellers that you’re serious about buying their home. A larger deposit can often pave the way to a smooth closing, when a small deposit could prompt argumentative or unhappy sellers, or even lead to the rejection of your offer. Make sure you handle the earnest deposit in a way that protects your interests and still entices the buyers, and know what’s legally required and what is safe for your money. Continue reading “The Earnest Money Deposit” »
Truth
In order to be valid, a purchase agreement must be untainted by fraud or misrepresentation. When you sign a P&S and agree to buy a home, you have a right to reasonably expect that the seller’s statements regarding the property are true. If a contract is based on fraud or misrepresentation, courts may render it unenforceable and you may be legally able to pull out of the agreement. Fraud and misrepresentation typically renders a contract unenforceable, which means you may pull out of the purchase agreement before buying or may be eligible to receive damages if you’ve already closed on the home. Continue reading “A Purchase Agreement Must be Untainted by Fraud and Misrepresentation” »
Get Everything in Writing
So you’ve found the perfect home, and are ready to make an offer and move forward with the purchase. Don’t assume that things will go smoothly, even if you’ve already had a conversation with the seller about the purchase. Anything you agree to verbally is typically not enforceable in court, and sellers can change their minds at any point with an oral agreement. When you’re ready to cement your new home purchase, put that deal in writing. Continue reading “Put Your Contract in Writing” »
