This section explains how you deal with the remaining property taxes for the year, plus pension benefits and other expenses that may arise before taking possession of the house. Depending on when the various invoices were last paid and for what period, the seller may have to pay a proportionate share, or you must pay them back. If more specific risks are identified during due diligence, they are likely to be covered by appropriate compensation in the sales contract, under which the seller promises to reimburse the buyer a book base for compensation liability. The buyer will try to prevent the seller from creating a new competitive business that will damage the value of the business sold. The sales contract therefore contains restrictive agreements that prevent the seller (for a fixed period and in certain geographic regions) from recruiting existing customers, suppliers or employees and, more generally, from competing with the sale of the business. These restrictive alliances must be adequate in geography, size and duration. Otherwise, they may be in violation of competition law. Sales contracts often contain guidelines on how buyers or sellers can proceed when the other party does not use the agreement. This may be a lack of serious money or a process of agreement. Some items may be displayed when the property is displayed, but is not intended to be included in the sale. These excluded items should also be highlighted in the sales contract. Buyers should decide whether they want to act together as common tenants or tenants and include this information in the sales contract.
Common tenants have the right to survive; When one tenant dies, the property immediately passes to the other without being an estate. This refers to the fact that you are able to arrange the payment, for example. B a mortgage or a loan. Some agreements may provide (for the benefit of the seller) that if you are unable to provide financing and cannot meet this requirement, you must provide proof from your bank confirming that your financing has been refused. If you are unable to provide supporting documentation, you may need to continue selling. If you add a Sunset clause to the purchase and sale agreement, you can be sure that your offer has been accepted or declined until that time and date, which will allow you to offer real estate. If you bid for another property while waiting to hear about your first offer, you may find yourself in a situation where both offers are accepted and you have committed to buying two properties. If the buyer decides, between signing the sales contract and closing the house, that he wants to resign for a reason that is not stipulated in the contract, he loses his serious money and the seller puts it in his pocket. However, a buyer can get his serious money back if he returns for a reason defined in the contract. The seller and buyer may impose a sales contract under certain conditions that must be fulfilled before the sale of the property. Here are some of the most common contingencies: the deadline is 30 to 60 days from the date the sales contract is concluded.
It may seem like a long time, but you`ll need it for inspections, final approval of your loan and title review. If repairs are a condition for sale, the seller will need time to do them. If you are looking for the first time at the contract to sell the property you want to buy or sell, you may feel overwhelmed. Often a long document, the agreement may contain several unknown concepts and concepts. It is imperative that you fully understand these concepts before signing. This manual contains several items that are typically included in sales contracts and how they affect the buyer and seller. Before you sign a sales contract, make sure it contains information about the conditions under which the contract can be terminated.