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Handling
Offers and Contracts
Identify
who will be responsible for handling negotiations.
It is highly
recommended that as the seller, you identify who will be responsible
for handling negotiations once purchase offers are tendered. In
most cases, this will be your real estate agent if you are represented.
If however you are self-represented, you should identify which family
member or party to the sale will represent your interests when negotiating
with potential buyers. This will allow you to employ a predetermined
negotiating strategy, which is always advisable.
Analyze
all offers that you receive comprehensibly.
In addition
to purchase price, other issues that should be considered include
the following:
- How much
of a deposit should you require? We recommend a minimum of 5-10%
of the purchase price preferably.
- Determine
who will pay what closing costs.
- Analyze the
financing contingencies carefully.
- Be aware
of when the buyer anticipates taking occupancy and plan accordingly.
- Carefully
review any and all addendums to the contract.
- Review any
repair clauses carefully and understand your responsibility.
- Review all
time allotments incorporated into the contract, such as when the
buyer must have financing arranged for the loan to purchase the
property and any commitments and inspections the buyer may require
to be completed prior to closing.
Have
the contract reviewed by a qualified real estate attorney.
There are numerous
issues involved in the sale of real estate. Many of these issues
are negotiable and vary depending upon the motivation of buyers
and sellers and the characteristics of the property. Because contracts
are legally binding it is strongly recommended that you employ an
experienced, qualified real estate attorney to prepare and/or review
any contracts for sale that are tendered. At Golden Realty & Appraisal
Services we offer an optional contract review service through a
local qualified attorney.
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