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Buying a Home
First of all, real estate agents and brokers do not give legal or tax advice. Should you have any questions regarding legal or tax matters, we strongly advise you to seek the services of a competent professional.
AGENCY RELATIONSHIPS: The first document that you will need to sign is the "Agency Relationship in Real Esate Transactions" form. This is NOT A CONTRACT. It is a required disclosure that tells you of the possible relationships that may exist between the real estate agent/broker and you.
PURCHASE AGREEMENT: This is a legal binding contract between you and the seller. Be sure that all conditions of your offer are clearly written in this agreement. It is binding upon you and the seller after all parties have properly signed it. Changes and additions can be made, but they must be agreed upon and signed by all parties.
SELLER'S PROPERTY DISCLOSURE: The seller will complete and sign a seller's property disclosure statement. This is a statement by the seller as to the condition of the property to the best of their knowledge. Before you sign a purchase agreement, you will be asked to carefully read the property disclosure and then sign it. If you have any questions or concerns about the disclosure, address them in writing in your offer. If the seller accepts the offer, they will sign indicating that the conditions of the property are the same as the day the disclosure was completed or they will indicate if there have been any changes.
(1) The information provided on a property disclosure statement are not warranties by the seller, real
estate agent, or broker.
(2) There are no warranties on used real or personal property unless provided for in the purchase agreement. Usually the seller will warrant that everything is in proper working condition on the date of closing. If, for example, the refrigerator is working properly on the date of closing, but the day after closing it quits, neither the seller, the real esate agent, nor he broker is responsible for any repair or replacement. We recommend that all buyers conduct a final walk through prior to closing. We also suggest that you seek an independent housing inspection and make your offer contingent upon satisfactory results.
(2) There are no warranties on used real or personal property unless provided for in the purchase agreement. Usually the seller will warrant that everything is in proper working condition on the date of closing. If, for example, the refrigerator is working properly on the date of closing, but the day after closing it quits, neither the seller, the real esate agent, nor he broker is responsible for any repair or replacement. We recommend that all buyers conduct a final walk through prior to closing. We also suggest that you seek an independent housing inspection and make your offer contingent upon satisfactory results.
In our continued effort to help you in your buying process, Team Curb & Oakes recommends the following:
Property Inspection: If you have any concerns about the physical condition of the property,
we recommend that you employ the services of a competent professional. This would be at the sole expense
of the buyer unless specified and agreed upon in writing.
Land Survey: If you have any concerns about the actual boundaries of property, or possible encroachments, we recommend that you employ the services of a competent professional. This would be at the sole expense of the buyer unless specified and agreed upon in writing.
Attorney's Title Opinion and Owner's Title Insurance: To determine if there are any liens, encombrances, or clouds on the title, we recommend that you employ the services of a competent professional. This would be at the sole expense of the buyer unless specified and agreed upon in writing.
Well and/or Septic System Inspection: If the property has a well and/or septic system, it is either required or strongly recommended to employ a licensed professional to determine the condition, legality, and health condition of the well and/or septic system. This would be at the sole expense of the buyer unless specified and agreed upon in writing.
Arbitration Disclosure:This is a voluntary agreement between the buyer and seller to settle any grievances through an arbitrator rather than court proceedings. This agreement and any decisions of an arbitrator have the binding affect as that of a court of law. Any request for arbitration pertaining to your purchase must be filed within 18 months of the date of closing, or the claim cannot be filed.
In summary, you ultimately are responsible for the acceptability and condition of the property you are purchasing. When buying existing property, be prepared to find some items that need attention now or in the future. If you have any concerns, address them in writing. If you are not comfortable with some aspect of the property, be prepared to assume full responsibility, negotiate in writing, or.... don't buy it.
Thank you for the opportunity. Allow us to show you why we are your best choice for Bemidji area real estate.
Land Survey: If you have any concerns about the actual boundaries of property, or possible encroachments, we recommend that you employ the services of a competent professional. This would be at the sole expense of the buyer unless specified and agreed upon in writing.
Attorney's Title Opinion and Owner's Title Insurance: To determine if there are any liens, encombrances, or clouds on the title, we recommend that you employ the services of a competent professional. This would be at the sole expense of the buyer unless specified and agreed upon in writing.
Well and/or Septic System Inspection: If the property has a well and/or septic system, it is either required or strongly recommended to employ a licensed professional to determine the condition, legality, and health condition of the well and/or septic system. This would be at the sole expense of the buyer unless specified and agreed upon in writing.
Arbitration Disclosure:This is a voluntary agreement between the buyer and seller to settle any grievances through an arbitrator rather than court proceedings. This agreement and any decisions of an arbitrator have the binding affect as that of a court of law. Any request for arbitration pertaining to your purchase must be filed within 18 months of the date of closing, or the claim cannot be filed.
In summary, you ultimately are responsible for the acceptability and condition of the property you are purchasing. When buying existing property, be prepared to find some items that need attention now or in the future. If you have any concerns, address them in writing. If you are not comfortable with some aspect of the property, be prepared to assume full responsibility, negotiate in writing, or.... don't buy it.
Thank you for the opportunity. Allow us to show you why we are your best choice for Bemidji area real estate.
