For the seller, a buyer closing a mortgage within 30 days is a typical contingency. Contingencies cover the obligations that must be met by both buyer and seller before a real estate transaction can close. Check your contract’s contingenciesĮven if you have signed the contract, if it includes contingencies, then there’s still some wiggle room. That usually includes the nondefaulting party’s right to pursue “lawful remedy” against the defaulters. “It’s important to fully understand the language in the sales contract to ensure each party is aware of their responsibilities and repercussions for breaching such obligations,” says Towle. Once it’s signed, anyone backing out could face Lady Justice. ![]() This contract-often called a home purchase agreement-defines the responsibilities of each party, deadlines, and specific contingencies. For one, did you sign a contract? Until you’ve got your John Hancock on that document, a home is still technically available, says Julia Towle of Avant Realty Group in Massachusetts. When a seller accepts an offer, that doesn’t mean the deal is truly done. Still, money talks-and if the higher offer is something you want to consider, here’s what you can expect. ![]() “Most deals allow a buyer to back out, but not a seller.” “Once a seller has accepted an offer, it’s very difficult to back out, even if you receive a higher one,” says Realtor® Bill Golden with Re/Max Metro Atlanta Cityside.
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