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Negotiating
There are literally hundreds of points that you can negotiate in a real
estate transaction, and it is important to feel confident about negotiating
with potential sellers, or there may be a danger that a seller will talk
you into agreeing to terms in a contract that are not in your best
interest.
There are many potential points that can protect and enhance your purchase,
including financing and home inspection contingencies. Most purchase
contracts, even if they are standard documents, contain boilerplate
language that may not fit your situation and may in fact be unfavorable to
you. Your Coldwell Banker Welcome Home Real Estate agents will explain the language, so that
you can make an educated decision in order to make the best possible
purchase decision. |
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Contingencies
There are two types of contingencies found in most transactions-a financing contingency, which makes the purchase conditional on the buyers' ability to obtain a loan from a lender, and an inspection contingency, which allows the buyers to have professionals inspect the property to determine potential property issues prior to entering a binding contract to purchase. You could forfeit your Earnest Money deposit under certain circumstances, such as by terminating a purchase without legal reasons provided for in the contract. In order to protect your position, your Coldwell Banker Welcome Home Real Estate Agent can make sure that the purchase contract contains provisions which protect your purchase interests, including a clear and marketable title, having the seller agree to maintain the property in its present condition until closing and making any agreed-upon repairs to the property.
Furnishings
Deciding what stays with the property is a negotiable item. If sellers want to take fixed items out of a house, they must specify so in the sales agreement. Appliances that are not built in such as washer, dryer, refrigerator, portable dishwasher, portable microwave, and freestanding stove are not automatically included in the real property, just as anything is else not permanently attached to the property.
Earnest Money Deposit
This is a deposit paid by the prospective buyer
of real property as evidence of the good faith intention to complete the
transaction. The amount can vary, depending on the value of the property, and
it serves as a source of payment of damages to the seller if the buyer
defaults. The amount of earnest money may also play into the negotiation
strategy your Coldwell Banker Welcome Home Real Estate agent employs. Once the
offer is mutually accepted, the earnest money is held in trust by either the
listing agent firm or the selling agent firm and is credited toward the buyer's
purchase price at closing. If closing fails to occur, the defaulting party may
lose any claim they have to the earnest money deposit.
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Ph. 507-387-1131
113 N. Broad St.
Mankato, MN 56001
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