In this article I will tell you about the most common mistakes which sellers and buyers make when they sign contracts. Hope when you read this article you will avoid these mistakes. When you have found a house you want to make a contract.
Commonly you work with a professional real estate agent, but not always. It is very important which form have the contract. Do not try to download a form from the internet because it is a difficult matter, you should have a clear understanding of the whole thing and a lot of practice actually. Take into consideration that practices varies very much depending upon the county even. Make certain that your attorney or agent uses the newest forms made by a collaboration between the Monroe County Bar Association “MCBA” and the Real Estate Board.
You can make a form contract which states, for instance, that sell will provide a survey map and you will get a four year old survey map. The seller may keep up with the contract but you will have to pay approximately $350 or more to receive an updated survey. If you use the mentioned above form, according to the contract the seller will have to provide a survey dated after the contract date. And that is exactly what your mortgage lender and Title Company want. That is just one of the examples of using different forms of contract.
The MCBA forms involve sale contingencies (if you are going to sell your house to buy the next one), well and sceptic inspections, lead disclosures, property inspection, primary contract and addenda. These will include terms and conditions that are clear to all the real estate attorneys and that is why there will be solved more problems and avoiding some disagreements when using them.
Correct full names of people who will be taking title is the primary thing to be added to the contract form.
Some of this may be evident, but the next thing to be mentioned is full proper address of the real estate. Not a single thing should be forgotten to be included in contracts. You would be surprised, but it makes all the difference. And if some things are missed and are not included to the contract it can result in serious problems.
If you can get a hardcopy it is suggested check it attentively and make sure that all the things that seller said are included into the contract (stove, refrigerator etc.). A good contact should contain detailed description of all the things that are offered to buy. Make sure other items that the seller has offered to complete are also included.
Bear in mind that in New York, real estate contracts are subjected to the General Obligations Law. According to its requirements all terms and conditions of a real estate deal have to be in the written from.
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