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Performing Due Diligence

realestateresearchUnless you’ve received a firm, no subject offer for your home, there is still important work to be done. Any subject conditions and legal concerns must be dealt with promptly and professionally to ensure that the offer does not collapse.

Subject Conditions
If an offer has subject conditions, such as “Buyer subject to inspection”, part of the Buyer’s due diligence will encompass working through the subject conditions on the offer and then to either waive the subject clauses or not waive them. Generally, a deposit or increase of deposit is placed into a trust account upon subject removal. If the subjects are not removed the offer may collapse.

The best case scenario for you – the seller – is a firm, no subject offer. Generally speaking though, you should expect a conditional offer, unless you are in a hot-selling market.

Your Legal Team
You will require a Lawyer or Notary Public to assist you in the selling of a property. If you have bought or sold before you may already have a legal advisor you rely on and if not, you may want to do some checking before making your decision on whom to align yourself with. Ask your REALTOR® if they have a list of accredited professionals that they recommend. Ask your friends, family members or business associates for their recommendations as well.

What will your legal consult do for you?

  1. Review the contract of purchase and sale
  2. Answer your legal questions
  3. Search the property title
  4. Calculate the total amount owed to you from the Buyer (including tax and utility adjustment) statement of adjustments
  5. Ensure all requirements for the closing date are met (money transferred to you from the buyer, and the property title put in their name).
  6. Closing the sale with the Buyer’s lawyer.

 

This is Step 9 of a 10 Part series. Go to Step 10: Closing the Sale

by Faith Wilson

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