The seller must tell you if they have received any information on future tax notices or increases. The date of the sale should be included in the sales contract, as should the provision that changes to the transaction must be agreed in writing. As a general rule, the property is transferred to the buyer on the date and time indicated. More importantly, the deadline marks the transfer of ownership from seller to buyer. Finally, this promotion can be recorded in a sales bulletin. The deadline is the date on which the seller hands over to the buyer the respect of the property and the buyer pays and takes possession of the property. Closing dates are usually 30, 60 or 90 days after the contract is signed. Earnest Money is usually paid by certified cheque, personal cheque or transfer to a trust or trust account managed by a real estate agency, law firm or property company. Funds are held in the account until closing if they are applied to the buyer`s down payment and down payment fees. It is important to note that trust accounts, like any other bank account, can earn interest. If serious funds in the receiver account earn interest of more than $600, the buyer must complete the W-9 tax form with the IRS to obtain the interest.
If the buyer decides, between the time you sign the sales contract and close the house, that he wants to resign for a reason that is not stipulated in the contract, he will lose his serious money and the seller will receive it in his pocket. However, a buyer can get his serious money back if he returns for a reason defined in the contract. If the seller is not satisfied with part of the sales contract, he makes a counter-offer. They may want more money. Maybe they just want a different end date. They may not part with the high-end washing machine and dryer you wanted to be part of the deal. You can either accept their terms or make your own counter-offer through your agent. Some states ask sellers to disclose the location and status of wells on the land – or if the seller is not aware of existing wells. If the seller is known to the wells, the sales contract indications must contain a map that outlines the exact location of each well. The seller must also indicate whether the well is sealed or in use. When a buyer decides to buy a home from a seller, both parties enter into a contract.
The contract does not require the buyer to purchase the home, as home examination reports and inspection may reveal problems with the home later.