When purchasing a property, it is essential to have a closing agent examine and ensure a clear title to the real estate. The closing agent can either be a title company or an attorney. They will research the complete recorded history of the property to ensure that the title is free and clear of any encumbrances, such as mortgages, leases, restrictions, or liens, by the date of closing. Additionally, the closing agent will ensure that all new encumbrances are included in the title. This is necessary to ensure that the buyer has clear and legal ownership of the property.

When entering into a contract, it’s important to be mindful of any contingencies that may impact the legality of the agreement. For example, a buyer may stipulate that their contract is only binding if a qualified inspector provides a satisfactory home inspection report. As a seller, it’s important to be aware of the contingencies that buyers may include in their purchase agreements. These contingencies may include obtaining financing and insurance, reviewing pertinent documents, and inspecting the property thoroughly. Buyers have the right to inspect the property in a variety of ways, including through inspections for the roof, termites/pests, chimney/fireplace, property boundaries, well, septic, pool/spa, arborist, mold, lead-based paint, and HVAC. By being aware of these contingencies, both buyers and sellers can help ensure a smooth and fair transaction.

Depending on the results of these inspections, one of two things could occur:

1.  Either all the milestones are met and we’re getting closer to closing, or the buyer has some concerns after reviewing everything and wants to renegotiate the terms. Either way, we’ll work together to make sure everything is handled smoothly and fairly. Let me know if you have any questions or concerns.

2. When a renegotiation is requested, how do you reply to the buyer honestly and objectively while still operating in your best interests? This is the point at which I, as your listing agent, can actually affect how the deal turns out. As someone who has experience with a variety of property sales, I can assure you that my knowledge and unwavering dedication to you as a client will enable you to negotiate the best terms.

Since a lender’s pre-approval, approval letter, or written loan commitment is a better assurance of loan acceptance than a pre-qualification or lack of supporting documentation from a lending institution, I advise you to accept buyers who have one of these documents. A lender’s corporate appraiser should examine your property and confirm that the sales price is reasonable.

Have you ever considered what happens during the property acquisition process or what you might need during your preparation to acquire it? If so, click one of the options below to learn more.