Protection For Buyers In Real Estate

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While most sales for real estate will go through as you planned, there are some unusual situations that can arise that can leave would-be buyers worrying about what they can do. Shophouse will give suggestions below to better determine what recourse you have as a buyer in unusual circumstances.

After you’ve signed a contract for your purchase and the seller’s sale of a piece of property, it’s difficult to impossible to change the terms you’ve agreed to as a buyer without losing your deposit money.

While in theory the seller is also bound by a real estate contract to sell you the property, if the seller decides to discontinue the sale you should not assume you’ll be able to force the sale without spending the time and money of hiring a lawyer to go after the seller.

Shophouses for rentWhile it may not seem fair, sellers can get away with backing out of real estate contracts in many cases, but you will likely be able to get money to cover expenses you incurred by acting in good faith in purchasing the property by suing the seller in either small claims court or by hiring an attorney.

Sellers do not have to make all needed repairs in order to comply with contracts because many repairs can be too expensive for a seller to make. While many buyers assume that they’ll have leverage to force a seller to make any number of repairs, you’ll likely only be able to force a seller to make or contribute money to a repair that is required by the laws of the area in which you’re purchasing the real estate as a condition of sale, such as a home being termite-free, because those requirements would prevent any sale of the property.

If you are frustrated by a seller’s refusal to make or contribute money to a specific repair, it is likely that there is contract language that will allow you to get out of the contract but it is not necessarily true that all your expenses for inspections, et cetera would be reimbursed by the seller.

You can usually publicize your experience with unethical participants in a real estate transaction on internet review sites, or other sites as long as you make sure that any facts you allege you can defend with documentation, and that you specifically state that opinions are opinions.

While realtors are not allowed to legally accept kickbacks in exchange for recommending professionals or services, it is frequently difficult to prove that there is a kickback relationship between a realtor and a service they recommend.

Your best protection against using professionals who have divided loyalties is to find your own title companies, attorneys, and home inspectors rather than using those recommended by a realtor.

While the purchase and sale of real estate is not supposed to be an adversarial transaction because both seller and buyer want the same thing, the sale of the property, there are times when the situation creates friction between buyers and sellers. Use the suggestions above to consider your recourse as a would-be buyer when certain circumstances arise in your deal to purchase real estate.