Listed below are some things a buyer should keep in mind of when purchasing a home?
1. What fixtures are included in the purchase price? Ie refrigerators, stove, dishwasher etc.
2. What are the property taxes?
3. What is the crime rate in your neighborhood.
4. Are there development plans that will affect the resale value of your property?
5. Are there any problems with the home you plan on purchasing.
Can a buyer or a seller change their minds after the Agreement of Purchase has been signed?
If the seller of the home decides to change their minds after accepting the offer they can however, they would still owe commission to the broker for they work they have done in marketing the home. In your contract it would be wise to state that a commission would be paid upon completion of the sale of the property.
What is an Agreement of Purchase and Sale ‘offer’?
The Agreement of Purchase and Sale "contract" is a legally binding document spelling out the key issues of the sale. It includes the following:
1. The legal address of property being sold
2. The purchase price
3. The names of the buyer and seller
4. The mortgage information
5. The date the parties would like to close the agreement.
6. The fixtures that are included in the sale
7. Conditions for home inspection
8. Both parties legal signature, in order to bind the agreement.
Can the buyer back out of the contract if the home inspection is not satisfactory?
Based on the terms of the Agreement, the buyer may back out of the deal without losing their deposit, there may be a clause contained in it that stipulates that the seller would fix the problem or provide the buyer with a reduced price in lieu of the repairs. There are conditions of the home that would allow the buyer to cancel the account without any repercussions.
What can I expect on the day of the closing?
On the day of the closing all documents relating to the sale will be signed by both the buyer and seller. The title of the property is then transferred from the seller to the buyer, the title insurance should be paid along with any other expenses incurred by the seller. The mortgage papers would also have already been signed.