If a home buyer makes an offer on a house, is she bound to it? If a home seller accepts an offer, can he change his mind? A home buyer can withdraw an offer at any time until the offer is accepted by the home seller. After that, the seller may owe a commission to the broker, and may sue the buyer for breach of contract to recover the cost of that commission. If the seller changes her mind after accepting an offer, especially if the terms of the listing agreement have been met, she usually still owes the broker a commission. → Read More
After a real estate transfer, how can I remove a holdover seller who refuses to leave the property? The best way to avoid dealing with the problem of a holdover homeseller is to examine the property before closing while you still have some leverage. You should also make sure that your real estate contract contains provisions to provide remedies for a failure to vacate the property or failure to close by a certain date. If that doesn’t work, there are other ways to persuade the holdover home seller to leave, such as agreeing to pay moving fees. You may need to use the unlawful detainer laws in your state to evict the holdover seller. → Read More
We recently purchased a home contingent on a home inspection. The home inspection revealed structural water damage to the floor joists, basement dampness, and small leaks in the roof. We want to terminate the agreement, but the seller is willing to make the repairs. Furthermore, the seller never disclosed the existence of these problems. How can we break this deal? If your contract was contingent not only upon completion of the home inspection but your full approval of the results of the home inspection, then you can cancel the contract. → Read More
There has been a delay in the date escrow will close on the house we are selling. The buyers want to move in before the new escrow closing date. Is this a problem if they agree to pay rent? There has been a delay in the date escrow will close on the house we are selling. The buyers want to move in before the new escrow closing date. Is this a problem if they agree to pay rent? → Read More
Is it a good idea to close escrow while there is a tenant in the property that is currently being evicted? Discussion of effect of tenant in possession at time of closing escrow and how to negotiate about this. → Read More
What if there are problems found with the house after the closing? What if there are problems found with the house after the closing? → Read More
I have heard the terms “color of title” and “cloud over title”. Other than colorful phrases, how do they impact title? I have heard the terms ‘color of title’ and ‘cloud over title’. Other than colorful phrases, how do they impact title? → Read More
How are My Property Taxes Assessed, and How Often Will My Taxes Change? In the majority of states, property value is assessed for property tax purposes every five to seven years. However, some states only assess the value of the home upon the sale or refinancing of the property, while other states assess property values every year. The assessment of your property’s value is used to find your required annual property taxes. If you are in a majority state, in which the value of your property is only assessed every five to seven years, the determined tax rate will stay consistent during this time period. → Read More
In the disclosure statement on a home sale, I wrote that the old roof “leaked (replaced) age 1 year old”. The buyer is suing me in court for a leaking roof saying that I had misrepresented the state of the roof. Does he have a leg to stand on? The seller would have a defense only if he/she disclosed everything about the roof, i.e. specified exactly the locations of the leaks, that the roof was not a new roof, exactly what areas were replaced, how and by whom, the roof is sold in as-is condition and the seller gives no warranties as to the condition. → Read More
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