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Ways homebuyers can protect themselves

On Behalf of | Jun 25, 2018 | Residential Real Estate

When buying a home in Delaware, it is important to put in as many safeguards as possible. For instance, at an open house, buyers should ask for a seller’s property disclosure. It will list everything that the seller knows is wrong with the home or was built without proper permission. As a general rule, a disclosure form that has nothing on it is a bigger warning sign than a form with several problems listed on it.

Buyers are generally allowed to break a purchase agreement if a homeowner doesn’t disclose a problem that was known prior to the deal being struck. It may also be possible to put a series of contingencies into a purchase contract. If these contingencies cannot be met, the deal could be canceled by the buyer. Common contingencies include being able to get a mortgage or inspect the home.

Those who are offering to buy a home should be reasonable with their contingency demands. Otherwise, a seller could feel as if the deal is no longer in their best interest. Furthermore, it is a good idea to set clear timetables for when they must be met. While timetables may be amended when necessary, they can allow for a home purchase to close in a timely manner.

As a general rule, real estate agreements can be as broad or narrow as the parties need them to be. Buyers are encouraged to seek out legal counsel prior to agreeing to any deal to buy a home. This may help to clarify their rights and obligations under the deal, and it may provide insight into whether the deal is in their best interests. If not, the terms could be changed to make the contract easier to accept.