Contracts are probably involved in every major purchase, investment opportunity and legal action you take. When it comes to real estate contracts, they are sometimes referred to as a purchase and sale agreement, contract for sale, purchase contract, agreement to purchase or agreement for sale. Always read contracts thoroughly and make sure you understand everything. You might want to have a lawyer look over any contracts before you sign them. Learn more here about contracts and how to protect yourself.
If you don't receive mortgage financing under the current terms of a contract, what can you do? Should you renegotiate or back out of the contract? The terms of your real estate contract may include provisions that will allow you different options.
Breach of contract during a real estate deal often results in the loss of earnest money. Knowing what is in your contract will tell you what rights you have as a home buyer and what the builder's rights are. The contract will provide language regarding the termination of the contract and what will happen to earnest money.
What recourse does a prospective home buyer have when dealing with an aggressive real estate agent who is pressuring him to close on a house he no longer wants? The home buyer should contact a real estate attorney to find out if he's on the hook legally because there is no contract for a home purchase unless the offer was made in writing and it has been accepted in writing. Also, the home buyer should ditch the real estate agent and think long and hard before making the single biggest purchase of his life.
What can you do when a contractor fails to live up to his contract in a kitchen remodeling project? Hire an attorney to go over the contract with you to understand your rights in this botched remodeling situation. It's especially hard if you later face foreclosure on the same home.
A home buyer asks about completing a home sale contract after discovering floor damage from an in floor heating system that was removed. Ilyce says it's great that the home buyer has a good home inspector and that completing the home sale contract depends on how badly the buyer wants the home, even with the home repairs. Learn how a home repair can delay a home sale.
A home seller disclosed a basement water problem before closing on her home. The buyer now wants the seller to pay for waterproofing the basement even though the problem was disclosed. Most states have a seller disclosure law for residential real estate transactions that require a seller to disclose to a buyer defects or major problems with a home.
View this Expert Real Estate Tips segment to learn tips on how to close a successful bid on a new home. Full disclosure, thorough documentation and professionalism are essential.
Can a contractor collect payment from a mortgage company that owes for work on a fire-damaged home that has since been foreclosed on. The contractor nearly finished the work and then the mortgage company foreclosed on the home and halted payment to the contractor. Can the contractor file a lien to get the money he's earned working on the home that has since been foreclosed?
A husband says his wife has a pending sales contract her home and her ex-husband's divorce attorney has placed a lien on the home for attorney's fees. The husband wants to know how to deal with the lien, which is a claim to the property. The best be would be talking to the couple's real estate attorney.