There are literally hundreds of points that you and your Coldwell Banker Hunter Realty agent can negotiate in a real estate transaction. Work
closely with your agent to help you negotiate the best transaction possible.
Many offers include financing and home inspection contingencies. Ask your agent to explain the language, so that you can make an
educated contract decision. The purchase contract must include the seller's responsibilities, with such things as passing clear
title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.
Contingencies
The two most common contingencies are financing, which makes the purchase conditional on the buyers' ability to obtain a loan and an inspection, which allows the buyers to have professionals inspect the property prior to final offer acceptance.
How flexible should a seller be in granting contingencies?
It depends on the specific offer and many other conditions including the condition of your property, the price you want to get, and how eager you are to sell. Once contingencies are negotiated, they become part of the deal and are written into your contract. Both the buyer and seller can place requirements on the table during the negotiation phase of a real estate transaction. Whether the buyer will find the seller's requirements reasonable, or even achievable depends on the individuals involved. Financial capabilities usually play a major role in negotiations.
Furnishings
Deciding what stays and what goes is usually up for negotiation. Sellers who want to take fixed items out of a house should specify so in the sales agreement. Usually appliances that are not built in (washer, dryer, refrigerator, portable dishwasher, portable microwave, freestanding stove) are removed by the seller at closing unless specified otherwise in the Purchase and Sale Agreement. Built-in appliances, window coverings, tacked down carpets, and fixtures permanently attached to the property are included, unless otherwise specified and agreed to by both the buyer and seller.
Earnest Money Deposit
This is a deposit paid by the buyer as evidence of the good faith intention to complete the transaction. The amount
earmarked for earnest money is subject to negotiation. It may serve as a source of payment of damages to the seller if the
buyer defaults without legal recourse. Until a real estate transaction is closed, the earnest money may be retained in a trust
account. Earnest money is credited to the buyer's purchase price at closing.
NEXT
