Download the Chinese version of the Residential Property Selling and Buying Guide Even if you are not a legal expert, it is still important to understand the legal and contractual aspects of selling or buying your home. Buying or selling a home is a big deal, and you can avoid headaches by making sure the deal you`ve agreed to is good. The purchase contract often includes serious money requirements. Serious money is used to confirm the contract; Prices vary from purchase to purchase, but buyers can generally expect to pay at least $1,000. In most cases, serious money goes into the eventual deposit. Some sellers may choose to add contingencies that provide for the expiration of serious money if the sale is not made due to financing issues. In other situations, the serious money will be fully refunded to the buyer if the most important conditions are not met. Closing costs for the seller and buyer must also be included. These costs – and who covers them – can vary greatly from property to property.

Often, the buyer covers the full closing costs, although the seller may agree to pay for the closing. Buyers and sellers can also share closing costs. This allocation of expenses must be clearly described in the purchase contract. When it comes to repairs, a lease usually states that the tenant is responsible for reporting them in a timely manner and the landlord is also responsible for repairing them promptly. It will also prevent the tenant from making major changes to the property itself, including painting the walls or installing equipment without the owner`s permission. Sometimes an offer will state that the buyer is buying the property as it is because it is more desirable for a seller. However, if an inspection detects a major problem with the roof, air conditioning system, plumbing or even a structural problem, the negotiation doors are reopened. Real estate purchase contracts or purchase contracts are not valid until the buyer and seller have signed them. Typically, in a smooth real estate transaction, a buyer can sign a proposed purchase agreement and ensure that it is quickly signed and accepted by the seller. Once the seller has signed a real estate purchase agreement, both parties are legally bound by their terms and conditions. Hopeful buyers and real estate sellers should therefore always carefully review the proposed purchase agreements before signing them.

Signing the purchase contract is not the end of the sales process. The date of conclusion of the sale must be included in the purchase contract as well as the provision that changes to the conclusion must be agreed in writing. Ownership of the property is usually transferred to the buyer within the specified time frame. Most importantly, the closing date marks the transfer of ownership of ownership from the seller to the buyer. This transport can finally be recorded in a purchase contract. Buyers and sellers have many opportunities to terminate purchase contracts – but termination can only take place under the terms of the contract. For example, the buyer has the right to withdraw if one or more contingencies of the contract cannot be fulfilled. However, if the buyer or seller does not comply with certain claims arising from the contract, he may be in default with the contract. A breakdown can occur in the following situations: Although many parts of your contract are quite simple, such as. B the price you pay and the time of closing, other parts of the purchase agreement can be a bit confusing, especially for first-time home buyers.. .