There needs to be a condition in the contract (other provisions) that breaks down what will happen if the home isn’t done when you need it. You want to avoid being stuck in a hotel with your stuff in storage, especially if you’re footing the bill. ...
Contingenciesin a real estate contract allow either one of the parties to back out of the deal if certain specified conditions are not met. This could include a home inspection that reveals serious problems with the home or the purchase being contingent upon the buyer securing financing (see abo...
The property should match what was agreed upon in the contract. Please ensure everything is as it should be, and test everything you can. Check all functioning appliances, toilets, doors, windows, and light fittings. If something is wrong, your agent will alert the seller’s real estate ag...
Simultaneous closing (SIMO) is a real estate financing strategy in which two transactions occur together when closing a single property. A SIMO is buying a property to sell it the same day. Buyers commonly find a property and get it under contract, which includes the option to market the pro...
Closing a real property asset transaction, such as a sale of residential or commercial real estate, often involves coordinating a defined timeline of actions that are typically carried out by multiple parties. Inefficient workflow delays in completing certain actions may cause other delays in the proc...
It’s important to remember that the customs and legal requirements governing real estate transactions vary substantially from place to place. While the following is a general timeline and description of what you can expect (and when) between the day you submit your purchase offer and the day yo...