Buying and selling homes can be confusing as a person does not do this type of transaction every day. I often get questions on “how” the process moves along and “when” do you have a deal. When negotiating the sale of purchase of a home, keep in mind that you do not have a deal until the terms you agree to mirror one another. That is why you will see an initial Purchase Agreement and then a number of counter off addendums circulating back and forth between buyer and seller. The key is to keep track of the changing terms to make sure you agree. Before you sign on the last piece of paper with the last change of terms, look back and make sure you understand all the terms from the initial Purchase Agreement to the last addendum in front of you. Also, keep in mind that the Purchase Agreement and the amendments (addendums) to it are enforceable contracts. Once the contingencies are satisfied, you are moving rapidly down the chute to closing and there are legal consequences if you get cold feet.
We have received a number of calls this year from people wanting to sell their home without a realtor. You may find that if you are willing to put in your time and energy to market your home, you can save significant costs by having us advise you as to the proper sale documents. Remember, some Minnesota cities require that the seller is to provide a Truth-in-Housing inspection report to a potential buyer. Minnesota state law also requires a number of disclosures you must give related to the condition of the property, the presence of wells, septic systems, lead, etc. You may also need contingency addenda related to financing, sale of your home, appraisals, etc. We have worked with residential buyers and sellers, give us a call and let us know if we can help you!