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.
How a contract for deed and inheritance affect a home sale? Her parents bought a property using a contract for deed and she wonders whether the original seller can claim any of the money from the home sale. Sam and Ilyce advise that once the buyer satisfies the terms of the contract for deed, the buyer owns the property and keeps the home sale proceeds. In this case, the terms of her father's will also affect the transaction.
A home buyer asks about holding a seller accountable for not disclosing a missing permit for a studio apartment and for an inaccurate address on the real estate contract. Because the home buyer bought the property five years ago he may have exceed the statute of limitations to sue the seller for not disclosing the probelm. The buyer should contact the title company about the address mistake and a real estate attorney about the permit problem.
A home seller asks about breaking a contract with his real estate broker. In this case, the real estate broker owns the agency. Does the seller have to do something different to break this real estate agreement with his broker?
After a home sale falls through, a buyer asks about getting earnest money back from a real estate agency. The real estate agency cashed the earnest money check. What can the buyer do to get her earnest money back?
Mortgage lenders require appraisals before issuing home loans. What happens if the home you want to buy appraises lower than what the seller wants? It depends on the contract. The buyer may lose his earnest money if the home does not appraise out and the seller is unwilling to lower the price. It's up to the buyer to cancel the home buying contract if the contract permits him to do that.