Real Estate – Buying Or Selling a Property? Leave Yourself As Much Wriggle Room As Possible

Buying or selling a property – give yourself all the leeway or “wriggle room” that you possibly can. Professional realtors and lawyers would simply advise this. It is perfectly standard practice – perfectly legal and very acceptable and smart as well.Why box yourself in and limit yourself when it comes to options as well as your inherent flexibility when it comes time for that deal or ultimately to close or choose to walk away from the deal. After all there are always plenty of other fish in the sea, fish to fry and houses or properties to look at or buyers who wish to complete a purchase of your property and real estate.For example – as a buyer or purchaser. In the standard “offer to purchase”, add as many conditions as possible. For example – conditions that apply to sale such as “subject to financing”, “subject to a full home inspection report”, etc. Having such a clause may well allow you to exit from a deal rather than being forced into it. If your financing does not go through – as part of your written contract, you are allowed to exit the deal and not follow through with it, if you change your mind on the home or property. Similarly if the home inspector finds additional problems in the home , office building or property, rather than being held to a contract without such a clause , you are now entitled on the report not to follow through with the completion of the rest of the purchase. Had you not had that clause in the contract – you would be under legal obligations to complete the contract of sale – along with extra costs that you may well incur in bringing the property up to snuff. Remember that these are costs that you did not know of and were not planning as part of the overall costs of your real estate purchase. Having reasonable clauses in the contract offer allows you the luxury of not being held to a sale that is not in your best interests.It is best to hire a trained professional, such as in this case an accredited home inspector to complete the evaluation. It is true that in some cases, glaring examples have been noted by lay people, as opposed to accredited professionals, that courts have upheld the intent of the action – but why risk extra effort on your part. Trained, accredited 3rd party professionals are always a wise investment.On the other side of the fence what can sellers do to protect themselves as well? First of the entire offer to purchase is not valid and binding until signed by both parties – both buyer and seller as well. If the seller is unsure to complete the deal – if there are other offers on the way, the selling price is just a bit low, or there are additional conditions on the sale which the seller is not 100 % comfortable with – then there is no law or ruling that the seller has to complete the process at that moment by physically signing the bill of sale fro the property or properties involved. This gives the seller some time.When the seller does sign the written contract, the “bill of sale”, it can be held that just as the purchaser is entitled to terms of conditions of sale so is the seller. In a manner similar, and almost identical, to the case of the buyer or purchaser, listing conditions and terms of sale on the written contract are perfectly standard and admissible. The aim, just as in the case of the buyer, is to provide the seller of the property with that same “wriggle room “that apply to the sale of the property. The seller can do the same and similar as the buyer, only on the other side of the fence. For example some standard tactics that can and do apply for the seller’s contract are regarding the “bill of sale “contract for example such terms and conditions as “approval by my lawyer or attorney”, “subject to a specified time deadline “, or in the case of a hot real estate market – the provision of an allowed “auction” within a given time frame. What this entails is that during a specified time period, the seller is entitled to receive higher, or alternate, offers of purchase, even after a signed contract of bill of sale is agreed to.Buying or selling a property – be it for a home, commercial property or summer cottage, vacation property or other real estate transactions are among the highest and most expensive transactions most people will ever do. Why not make the process easier on yourself and allow as much flexibility as both parties – the buyer as well as the seller of the real estate and the legal contract – the bill of sale will allow.