The Obligations of the Seller and the Buyer of a Property

November 20, 2022

When you're buying or selling a house, there are a lot of things to consider. You have to figure out the logistics of how you'll get the keys from one place to another, how to communicate with your agent and broker, and what your budget is going to look like once everything is said and done.

But there's one thing that's often overlooked: the obligations of both parties involved in the sale of a property. From signing all documents to making sure that everything is at its place in the house, there are a lot of things to consider when buying or selling a home.

Seller’s Obligations

Enlisted are some of the most essential seller obligations when selling a property:

Provide Documentation

Once you've found a home that fits your needs and wants, it's time for both parties to do their due diligence by providing documentation from past sales, mortgages, and other legal documents, such as the certificate of location for condominiums, to provide all information about the property. This is a crucial step in the home buying process and ensures that you are dealing with someone who has not only the ability but also the legal right to sell you their property.

Disclose All Material Facts About the Property

The listing agent must disclose any material facts about the property to you. This includes problems with the foundation or roof if there's been a recent break-in, and whether or not there are pending lawsuits against previous owners of the property. It's also important that you inspect all of these things before buying a home so that you don't end up with a surprise when closing on your purchase!

No False Misrepresentation of Facts

This is a very important part of the home-buying process, and it's one that many people overlook. If you're the buyer, you need to make sure that everything that your real estate agent or seller is telling you about the property is true! If there are any misrepresentations of facts, then it could lead to costly legal fees and other damages once closing occurs.

2) Buyer’s Obligations

Home buyers have a lot of obligations that they need to be aware of before they make an offer on a property. These obligations include:

Acceptance of Terms and Conditions

As a buyer, you must accept the terms and conditions of the seller concerning the property. If you don’t, the seller can refuse your offer. If you sign it but don’t respect the terms or conditions, you could have trouble.

Timely Payment

Once you've made an offer, then it's time to make sure that your real estate agent can get the funds wired to them, so they can close on the home and get things ready for closing. If you're a buyer and haven't heard from your agent in a few days after making an offer, then it might be time to check in and see if everything is okay.

 

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