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.
Mortgage Denied Due To Low Appraisal
Many, but not all, real estate contracts include a provision allowing some time for a buyer to obtain financing for the purchase of a home. If within the time allotted a buyer is unable to obtain financing and the seller is notified, the contract is terminated and the buyer receives a full return of any deposit. Usually, this right to terminate a contract if you are unable to obtain financing is called a mortgage contingency.
Warranty Expires On New Home With Problems
A home buyer bought a home from a builder she hadn't heard of and found many problems. The builder is now avoiding the buyer's calls to request repairs. The warranty has now expired for the builder to repair problems, and the buyer wonders if she has any recourse.
Seller Financing Offered to Rental Tenants
An investment property owner wants to sell their property to the tenants and offer seller financing. The seller financing will work like an installment purchase, or "lay-away" plan. The installment contract with the seller will include certain provisions that will pay "interest" on the amount owed by the buyers along with payments for all of the costs associated with the ownership of the home. When the time comes to transfer title to the home to the buyer, they will pay off whatever remains on the installment contract. The seller will use part of the cash they pay to payoff the current mortgage.
Unclear Property Line Leads To Driveway Mistake
When you build a new home it's critical to understand the property lines. What happens if the builder creates your driveway on property that's not yours? You have to figure out who made the mistake and that party may be liable to fix it. You need to look at surveys, easements and the contract you used to buy the property. Then you can contact a real estate attorney to resolve this property mistake.
Home Improvements: Consult Architect And Contractor If Large-Scale Rehab
Learn what to consider for a large scale home improvement plan. It helps to work with an architect, contractor and building department if the home improvement project includes building up or building out on the existing home. An architect and contractor can help put the home improvement project in financial and logistical perspective - whether building up or building out on the existing home is a possibility.
Renovation Projects – Perfection Is In The Eye Of The Homeowner
After spending a collective $200 billion on home improvement projects, many homeowners have discovered that punch list items often don't get fixed the way you'd like them, and even the best contractors make mistakes. All new homes and remodeling projects contain some items that either weren't finished properly, or punchlist items that weren't corrected. Repairing the mistakes after you've cleaned up and moved into the new or renovated portion of your home isn't fun.
House Still Hasn’t Sold? Some Ideas To Pump It Up
In a tough housing market, sellers could wait a long time for an offer on their home. If your home is stalled in a slow housing market, your agent will pressure you to lower the price. Before that, here are some things to think about for why your home isn't selling, even in a down housing market.
Buying A Home: Prepare Final Documents For Mortgage Approval
When you're in the final stages of buying a home, prepare the final documents you need for mortgage approval. Most people don't realize all the detailed documents that are necessary for mortgage approval when buying a home. Not having all the final documents available can delay mortgage approval and ultimately the home buying process.
Ten Reasons Why A Closing Won’t Happen
Sometimes the worst can happen, and a closing will fall through. It could be the documents, the money, or even a disaster that destroys the house. Find out what could go wrong in a closing, and how to handle the unexpected.