December 21, 2020
Keywords: real estate sales contract, safety advice before the signing of the sales contract “Far from being a single agreement, an offer to buy is a binding contract; When you make an offer, you can`t just change it,” he explains. The seller can accept it, refuse it, let it expire by doing nothing, or sign it with changes as a counter-offer. Then it`s your turn to accept it, refuse, do nothing or sign it back. But even if your offer is accepted with conditions, you cannot change it unilaterally. While buying a property can be exciting, it can be risky to be emotionally connected with it before you have inspected it and made sure your finances are in order. As soon as the offer is firm, Dyer says, it will be a contract. “People think it`s just an agreement, but it`s actually a binding contract. Make sure that before you sign, you`re really safe and that you`re not just caught up in the excitement. It is important that you are aware of the 72-hour clause and pay attention to it when considering the terms of the offer to purchase. Many buyers go ahead and sign an agreement with a seller, believing that they have enough time to get their business in order, but if the seller calls the clause, you suddenly have 72 hours to acquire the necessary financing or sell your existing property so that you do not lose on the house. The seller is legally required to disclose known “mistakes” with the property. In other words, he or she cannot hide things on purpose. But that doesn`t mean they have to tell you everything. As soon as you renounce your terms in writing, you are legally bound by the terms of the contract. This means that if you are unable to conclude or refuse to conclude for any reason, your deposit will be lost and the seller will have the right to take legal action against you for breach. Make sure you only waive a condition if you are fully satisfied with that condition.
For example, you should waive your financing terms (if you have one) only if you have received confirmation of your lender`s financing authorization.
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