It doesn't matter if you are buying or selling a piece of real estate, it's important to realize that everything doesn't always go as planned.
With this in mind, it's your job to keep a close watch on the process as it unfolds. There is no guarantee that you will avoid trouble, but you may be able to remedy a potential issue before it grows into something bigger.
Here are some of the many things that can complicate a real estate transaction:
-- The seller does not have the legal authority to sell.
-- The purchase agreement omits important information.
-- Zoning does not match up with how the buyer plans on using the property.
-- The buyer fails to follow hand money provisions.
-- The seller and buyer believe that it's okay to verbally agree to some details.
-- The seller disclosure form is not filled out completely or in an accurate manner.
-- No details associated with what the seller will leave behind and what the seller is permitted to take.
These are just a few of the many things that can get in the way as a real estate transaction moves forward. While most of these details can be worked out, it's important to address any concerns as soon as possible. Waiting until the day of closing will only complicate matters.
As a buyer or seller, make sure you know what to expect as your real estate deal moves forward. If you have any questions or concerns, you can rely on the assistance of your real estate agent and/or an experienced attorney.
Source: American Bar Association, "12 Ways to Foul Up a Real Estate Transaction," accessed May 01, 2017