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.
Avoid Home Improvement Scams
Home improvement scams can be any homeowner's nightmare. Researching contractors on the internet and through references is the best way to avoid problems on home improvement projects.
How To Terminate Contract On New Construction Condo
A home buyer signed a contract to buy a new construction condominium two years ago and after several delays with the builder, he would like to get out of the deal. A real estate attorney can help walk you through new construction deals and prevent large losses later in a transaction. Under federal law, this buyer might have a right to terminate the contract if he didn't receive certain disclosures for the new construction condo.
Including Home Inspection Contingency In New Construction Contract
Make sure your new home still passes important inspections before closing. When purchasing a not-yet-built home, you should include a home inspection contingency as part of the contract. This way, if the home doesn't pass the home inspection, you as a buyer can delay closing until the problems are fixed.
Contract Holds Answer To Escrow Refund
What's the penalty for backing out of a real estate contract? If the house failed inspection you might have cause to withdraw, but if you've simply changed your mind, you might lose the money in escrow. Look at your real estate contract for the terms.
Canceling Condo Contract
Builders are facing cancellation of new construction contracts all over the country. Unless it is specified in the contract, there is no obligation on the part of the builder to return your deposit if you cancel the contract. As the buyer, you are obligated to fulfill the term of your real estate contract.
Contract Importance: Rebate Part Of Buyer’s Agent Commission Was Oral Agreement
What happens if you make an oral agreement, instead of a written contract, where the agent would rebate part of the commission in the purchase of a condominium? If the agent does paying the rebate, then you don't have a written contract to back up your claim. Ilyce explains that oral agreements often don't hold up in real estate law, unlike written contracts, and suggests using a real estate service such as BuySide Realty.