Wednesday, November 13, 2019 / by Gianfranco
Seller Secret Episode #26 Ensure the Contract is Complete
Have you even wondered why these annoying real estate contracts speak techno or make no sense to most of the general public? Except if you’re a lawyer or some realtors…
Today's seller secret ensures the contract is complete. We know that when you're selling your house or when you're buying a house, a lot of times, there are a few things that are important, like condition and purchase price, but there's actually a variety of things that start to become a legal matter when you're looking at a contract.
Make sure you understand all the terms, all the conditions and everything that's laid out, everything that's structured in the offer, such as closing date.
And make sure you put in the comments below, if there are any questions you have or anything you want us to talk about. Or, if you've had an experience. If you had an experience that you want to share with us, that'll help us gather data, so we can create more tips that will help people understand those things.
Some of these contracts, they speak techno language to people, and a lot of people don't understand this. So, if you're selling your house as a for sale by owner, for example, it's very important for you to either have a real estate broker who understands contracts, at least represent you on that part of the process, or have a lawyer reviewing that contract, because, again, the agreements, they're not human language. They speak techno language, and you want to make sure you have somebody who's a professional reviewing that.
You don't want the techno to nip you in the bottom at closing date. We've seen the small things can later on cost you thousands through lawyers and stuff.
So, one of the examples is, when you're purchasing a property, you're kind of putting in there what's included, what's all chattels to include, what fixtures are included, what things are excluded.
So, let's say you have a very expensive chandelier or something expensive that you want to take with you or is sentimental to you, or other contracts, like AC rental contracts, your furnace contracts, that you haven't put into the offer. These things can be extremely costly, expensive, stressful, at the closing date or close to closing date.
Make sure it's clarified. It's all accordingly into the offer, with structured properly, and you understand all of these things.
And also, where the deposit money is going to. This is really important because it's a large amount of money. You want to make sure that money's being safely put into a trust account.
So, work with your agent, make sure that every part of the offer is being reviewed and explained thoroughly. We know that some things can be techno language.
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Watch the full video here: https://youtu.be/cgpbn25S5C0