| Hot tips |
| You are selling your house. The buyer does a
walk through just before settlement and finds that the house is not in
the "broom clean, all appliances, mechanical, and electrical systems in
good working order..." condition described by your sales contract. Is
there a problem? Yes, but not one that can't be solved if the buyer
really wants to buy and you really want to sell your house. You can
probably proceed to settlement and work out a way to have funds
escrowed (as a sort of "guarantee" to the buyer) until the correct
condition is achieved by you or someone you employ. Alternatively, you
can give the seller an allowance that he or she agrees is adequate to
solve the problem (broken appliance, jetted tub whose jets don't work,
etc.) A third option is to delay settlement, get the item(s) repaired
or replaced, and then go to settlement. However, this "solution" is
usually so disruptive to everyone (after all, the buyers' moving van
has probably been hired for that day, and you may be depending on a
wire transfer from this settlement to pay for the home you are moving
into) that one of the first two is preferable. |
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