1. Don’t buy and sell on the same day
It is important to leave a few days in between your real estate purchase and real estate sale closings. Banks and mortgage companies are able to offer clients “bridge” financing to cover the gap between the purchase and the sale. Closings can be delayed and planning to do both on the same day is not recommended.
2. Budget for the unknown
Being house poor can put unnecessary stress on new homeowners. Once you own the home there are several up-front expenses (window treatments, fixtures, renovations) that can drain your pocketbook and have your worrying about your bank account. Do yourself a favour and leave room for the unknown. Have a reserve fund.
3. Home Inspections
Real estate lawyers recommend that both purchasers and vendors acquire home inspections for their real estate transactions. While home inspections are standard for purchasers, there are also several benefits for vendors. They identify potential issues up front for potential buyers. This will prevent any re-negotiation of the sale price once the potential buyer learns of the defects. It may also protect the vendor from post-closing lawsuits by having the issues tabled prior to closing. Finally, it shows good faith on the part of the vendor.
4. Cleanliness is important
There is nothing more disappointing for a new home owner than walking into their expensive new home to find it littered with someone else’s crap. It happens more than it should, and while the real estate lawyer will obtain a closing document that says it will be clean, no one wants to sue in small claims court over minor issues. Have your realtor insert a clause that allows for an inspection 24 hours prior to closing. If there is still junk ask for a $500.00 holdback of the closing funds to cover any potential cleaning costs. That will ensure that the vendors leave the property in broom-swept condition.
5. Be ready
Stay on top of your closing. Put a call into your real estate lawyer a few days prior (or send an email.) Make sure that you have the funds in place for closing as well as insurance. Bring two pieces of ID to your appointment. Staying organized can make a difference.
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