Contractual Obligations Home Sellers Must Meet
August 20, 2016 9:34 am
Once you have an offer on your home and you are ready to accept it, the real paperwork for finalizing the sale of your home begins. This is a very important legal part of the transaction which involves purchase contracts for home sellers. This paperwork contains the essential information that homeowners are required by law to disclose to the buyers. Levine Homes Real Estate can help you determine what to include in these documents.
Financial Obligations
The finances surrounding the purchase of the house should be disclosed, which ought to include the price that the buyer will pay and the time frame in which the buyer must acquire a loan. For the earnest money deposit, the details of the amount and escrow account should also be listed, as well as the company holding the deposit.
Necessary Disclosures
Any important information concerning the condition of the house should be disclosed in a report. This report should include anything detrimental that the buyer must be aware of, such as asbestos in the walls, cracks in the foundation, or previous leaks in the basement or roof. California home sellers must also disclose if the home is in a fire, flood, or earthquake zone.
Inspections
If there are any inspections to be performed on the home, there should be a report listing these inspections and who is responsible for paying for them. Included in this portion of the document should be a statement about the seller’s obligations if repairs are required, or if the buyer is allowed to cancel the purchase.
Home Repair Liability
Should an inspection find that significant repairs need to be made to a home structure, it is important to lay out who is responsible for such repairs. In addition, the contract should include for how long after the close of the sale that the seller is responsible for any home repairs that crop up.
Meet These Requirements Before Closing the Sale
Each of these areas are vital to the completion of home seller contracts. From disclosures to closing costs, Levine Homes Real Estate is here to help you through the process. For more information, call us at 310-796-9088.
