How buyers can protect themselves when getting a home

On Behalf of | Jul 5, 2018 | residential real estate

Those who are planning on buying a home in Florida should make use of contingencies and disclosures. When a buyer goes to an open house, the seller should provide a disclosure form that lists all the potential problems with the home. If there are known issues that aren’t revealed, it may be possible to ask that they be corrected prior to closing.

It may also provide an individual with the opportunity to back out of the deal itself. Furthermore, if there are no issues listed on the disclosure, this should act as a warning to a potential buyer. Generally speaking, an inspection will take place prior to the sale of the home. It should be listed as a contingency on any offer sheet given to the seller. Another common contingency is the ability to get a mortgage to purchase the home.

If a buyer is unable to get a mortgage or perform an inspection, they’ll be able to walk away from the deal. When asking for contingencies, it’s important to be reasonable. Otherwise, the seller might feel as if the deal could fall through at any time, and that party may choose to work with another buyer instead. Furthermore, it’s wise to complete a contingency in a timely manner to keep the deal on track.

Prior to agreeing to home purchase contract terms, it is a good idea to show them to an attorney. This may make it easier to determine if the terms are reasonable and in a buyer’s best interest. If an attorney determines that they aren’t, the terms could be changed. Of course, a buyer is still free to accept the terms if they desire.