Avoid These Mistakes While Finalizing the Deal

Avoid some mistakes when it comes to finalizing the deal as the deal has moved from looking for buyers to talk to them on the phone about the property to having them come see it and is now finally done. You, as the seller, have also talked about the price with the buyer, and soon you will start doing paperwork, like signing a sale agreement. At this point, try to avoid making these mistakes, which could cause you trouble.

Since a property deal is a big deal, you shouldn’t leave much to the imagination. Make sure you agree on all parts of the deal and then write them down in the sale agreement that you and the other person will sign.

For example, it’s not a good idea to only talk about the payment schedule verbally. It would be better to have that written down in the sale agreement so that the buyer knows exactly when he is supposed to give you the full payment. Click here to learn more about what a sale agreement is

In the agreement, you can also say how you’d like to be paid. For example, if you’d rather get the final payment from the buyer in the form of a Demand Draft (DD) than a regular check, you can say that.

Don’t forget to talk with the buyer and put written in the sale agreement and sale deed exactly what you will give the buyer in addition to the residential unit and if you will do any other repairs or remodeling work on the unit.

You may have come to believe that the buyer would not waste your time by pulling out of the deal later on. Still, that’s not a good idea in real estate. As a safety measure, you can include a clause in the sale agreement that says if the buyer backs out of the deal or doesn’t make the final payment on time (as agreed upon by both parties), then the earnest or token money (usually 10 to 20 percent of the total sale price) paid by the buyer to you at the beginning is non-refundable.

Adding this clause to the sale agreement will give you more security in knowing that the buyer is genuine, and if the buyer backs out for any reason, you will get some money to make up for the time, energy, and chances you missed to get a better deal.

Overall, when it comes to big-ticket purchases like real estate, it is best to keep most things as clear as possible to give yourself peace of mind and extra security.

Disclaimer: The opinions shown above are mainly for informational reasons and are based on market research. Deal Acres is not responsible for any actions made as a result of relying on the provided material and makes no representations as to its accuracy, completeness, or reliability.