{"id":71,"date":"2006-08-09T17:28:49","date_gmt":"2006-08-09T21:28:49","guid":{"rendered":"http:\/\/www.realst8.crankpin.com\/?p=71"},"modified":"2006-08-10T12:45:56","modified_gmt":"2006-08-10T16:45:56","slug":"all-that-paper-is-still-a-contract","status":"publish","type":"post","link":"https:\/\/www.realst8.com\/staging\/9756\/real-estate\/all-that-paper-is-still-a-contract\/","title":{"rendered":"All that paper is still a contract&#8230;"},"content":{"rendered":"<p>If you&#8217;ve ever been in a real estate closing, you know all the paperwork that gets shuffled around.  There are usually more signatures than an average evening out for Barry Bonds, yet many people don&#8217;t even give their real estate contracts a once over.  Experience show that this can be problematic.  Some of the problems commonly encountered in real estate transactions are as follows:<\/p>\n<p>From the Seller&#8217;s Perspective:<\/p>\n<ul>\n<li><em>Not enough earnest money. <\/em>You&#8217;ll want to make sure that you get enough earnest money to show that the buyer is, well, earnest in their interest in your home.  You&#8217;ll also want to make sure that not too much time lapses between their initial and additional earnest money payments.<\/li>\n<li><em>No late fee clause or the late fee is too little or too late.<\/em>  The late fee should be sufficient enough to deter late payments.<\/li>\n<li><em>Not getting a credit report on the buyer, not making sure the buyer has financing, or requiring too small of a down payment.<\/em>  Sellers can be burned if they don&#8217;t know their buyer is creditworthy or has the money to close the deal.<\/li>\n<li><em>Buyers who add too many additional conditions. <\/em>  Be wary of buyers who add too many additional conditions to the contract.  A contract is, after all, an agreement or a meeting of the minds.  If the buyer&#8217;s list of conditions goes on and on, there&#8217;s more chance the buyer might try to wiggle out of the deal.<\/li>\n<\/ul>\n<p>Problems facing Buyers:<\/p>\n<ul>\n<li><em>Waiving Inspections.<\/em>  Your home is likely the largest purchase you will ever make.  You will want competent inspectors to make sure your investment is sound.<\/li>\n<li><em>Allowing your Seller to become your tenant after closing.<\/em>  This isn&#8217;t necessarily a terrible idea, but you should be aware that tenants have certain rights by law, and that evicting a tenant will take time and potentially significant legal fees.<\/li>\n<li><em>When purchasing a rental property with existing tenants, read your lease!<\/em>  Whatever lease terms existed before closing will apply after the closing.  Make sure the lease has terms you can live with!<\/li>\n<li><em>Be aware of Homeowner Associations Restrictions, Covenants, Fees and Dues.<\/em>  Most real estate contracts do not list the restrictions, covenants, etc. so make sure you review them separately.<\/li>\n<\/ul>\n<p>Buying or Selling a home is a complicated legal transaction.  You (or your agent or lawyer) should look over the contract carefully.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;ve ever been in a real estate closing, you know all the paperwork that gets shuffled around. There are usually more signatures than an average evening out for Barry Bonds, yet many people don&#8217;t even give their real estate contracts a once over. Experience show that this can be problematic. Some of the problems [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[2,11],"tags":[],"class_list":["post-71","post","type-post","status-publish","format-standard","hentry","category-real-estate","category-property-tax"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.realst8.com\/staging\/9756\/wp-json\/wp\/v2\/posts\/71","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.realst8.com\/staging\/9756\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realst8.com\/staging\/9756\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realst8.com\/staging\/9756\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realst8.com\/staging\/9756\/wp-json\/wp\/v2\/comments?post=71"}],"version-history":[{"count":0,"href":"https:\/\/www.realst8.com\/staging\/9756\/wp-json\/wp\/v2\/posts\/71\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.realst8.com\/staging\/9756\/wp-json\/wp\/v2\/media?parent=71"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realst8.com\/staging\/9756\/wp-json\/wp\/v2\/categories?post=71"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realst8.com\/staging\/9756\/wp-json\/wp\/v2\/tags?post=71"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}