The process of selling a home is rarely smooth sailing, especially if it’s your first time, but certain issues can make it even more difficult.
Many real estate disputes revolve around contracts. These documents often have complex terms and conditions that parties involved in the deal can misunderstand. Plus, some contingencies can become areas of conflict, such as a home defect that can be a point of argument about the sale price.
That said, here are some tips to make your contract as airtight as it can be.
Review the contract carefully
Your real estate agent or broker will prepare the purchase contract with standard forms given by the local real estate association. If you’re working with an attorney, they can draft the contract for you.
In any case, both you and the buyer must review the contract carefully to ensure a complete understanding of the following:
- Legal obligations
- Financial commitments
- Contingencies
- Deadlines
- Property details
- Dispute resolution
Read the contract as many times as you need to understand all that is expected of you as the seller. If something is not clear, consult your attorney or real estate professional.
Put everything in writing
Whether it’s offer details, contract amendments or additional contingencies, you should put everything in writing. Many real estate disputes happen because of verbal agreements that may be forgotten or contested later on.
For example, when the buyer agrees to purchase the home at a certain price but you don’t put it in writing, you might have a hard time finalizing that price when the buyer decides they don’t want to pay that much anymore.
Make sure to document all details, including conversations between you and the buyer. A legal professional can help make these agreements legally binding.
Make sure all the details are accurate
Your attorney or broker will take care of the contract, and you are responsible for reviewing it carefully. However, you must also make sure every detail that will come from your end is accurate. This might include:
- Property description
- Fixtures and fittings
- Inclusions and exclusions
- Condition of the property
- Utilities and services that might transfer to the new owner
Being accurate and detailed will help both you and the buyer understand what you will include in the sale.
Creating the contract is just one of the many steps of selling your home, but it is a very crucial one. Do not hesitate to ask questions and work with your professional team to avoid future disputes.
