Understanding A Real Estate Contract

Jan 04, 14 Understanding A Real Estate Contract

When you are making a deal in the Real estate industry to purchase a property it is important to read all of the fine print of the contract. You want to make sure you know exactly what it is you are buying. One of the biggest questions a person has about Real estate contracts is if purchasing a home with a contract that says “as is” and one that says the seller does not do repairs means the same thing. In most states, these two statements have very different meanings.

Having The Right To Cancel Your Contract

If a seller states that they are not doing repairs, you have the right to have a home inspection conducted. The home inspection is for you to determine the value of the home. The home inspector can tell you if the home is worth the asking price or if you should ask for a cheaper price. If the home inspector does not agree with the asking price you have the right to terminate the contract.

Not Having The Right To Cancel The Contract

If the seller states that they are selling the home “as is” it more than likely means that there are problems with the home. The seller is acknowledging the problems and making you aware of them by selling it as is. Basically, this means that you are agreeing to purchase the home along with all of its faults. If you find out later that the house costs more to fix than you want to spend, you are stuck with it. The condition of the home would not be enough to cancel the contract in this situation.

Keep in mind, you can have a home inspected regardless of whether or not “as is” is in the contract. You just need to have it done before you sign a contract and commit to a purchase. This way you do not have to buy the home or can ask for a lower price if you find out the home is worth a lot less than what the seller is asking you to pay for it. CC Sells Realty is the name of a real estate company that can help you with the process to make sure you do not waste your money on an unfit home.

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