Questions and answers about buying and selling a home
From the moment you interested in a house until the moment when the contract of your new house there, you encounter many questions. Not so strange, because you do not buy a house every day.
How is the purchase made?
If the seller and buyer agree on the most important matters relating to the sale (usually the price, the delivery date and the resolutive condition), then the vendor's broker the agreements made in the deed.
Resolutive conditions are an important issue. You will if buyer does not automatically create a re solutive condition. For example, to a resolutive condition for funding, you must state this when making your offer. It is important that the parties also agree on the additional agreements and resolutive conditions before the deed is drawn up. Besides the previously mentioned points are usually some additional appointments in the purchase agreement. Think of the penalty clause if either party fails to fulfill its obligations.
When there is a consumer a house is purchased determines the Sale of Immovable Property Act that a sale is only closed when writing. Until a deed was drawn up and signed by both parties, there is no legal sale.
Once the seller and the buyer have signed the deed and the buyer (and possibly the notary) a copy of the instrument has received, for the private buyer enters the statutory cooling in operation. Within this reflection, the buyer to cancel the purchase of a home. Does the buyer during the cooling off period on the purchase, finances around and also provide any other conditions precedent no longer an obstacle, then the agreed completion date of the transfer to take place at the notary.
What is the waiting period?
During the waiting period, the buyer can still undo the agreement. Thus, the opportunity for such experts to consult.
The reflection takes (at least) three days starting on the day following the day that the buyer (by both parties) signed certificate or a copy there of gets handed. The cooling-off period ends at midnight of the last day of the grace period. It is not important what time the buyer a copy of the document received
What does "buyer's costs' mean?
"buyer's costs" (kk) means that the buyer pays the costs of the transfer of the property accounts for. The "buyers costs" is about 10% of the purchase price. Among th e buyers costs include the following costs:
- Transfer Tax;
- Notary fees for drafting the deed of transfer;
- Land Registry Fees for registration deed of transfer.
In addition to these costs, the buyer must also take account of:
- Notary fees for drafting the mortgage;
- Land Registry Fees for mortgage registration.
The costs are not the buyer brokerage fees. If a seller is an estate agent to sell his / her property then the seller will have to pay costs of this agent. If the buyer is an estate agent for the purchase of a property, the buyer will pay the costs of this agency must pay.
What does 'under offer' mean?
If the broker says 'under offer', it means that he has a serious candidate, which he undertook transactions with others not to promote. This does not mean that no more can go sightseeing. The broker should be clear to indicate that he "under offer" is.
If I offer the asking price, the seller must sell the house than me?
No. The highest court, the Supreme Court has in fact ruled that the asking price of a property is an invitation to make an offer. If the asking price of an ad or property guide, then you do a bid. The seller can then decide whether to accept your offer or not, or that his broker a counter offer. He may even decide the asking price during the negotiations to increase.
Is the agency fee in the 'purchase cost'?
No. The costs are not the buyer brokerage fees. If you hire us to sell your property then you will have to pay costs of our services. If the buyer is an estate agent for the purchase of a home, the buyer must pay cost of our services.
What is an option?
An option in the legal sense gives one party a choice by a unilateral declaration of a purchase agreement with another party to close. The parties have agreed on the condition of the sale, but the buyer gets such a week to think.
When buying a new house is such an option is common. When purchasing an existing home is often erroneously the term 'option' is used. Then it has the meaning of certain commitments that selling broker can do to an interested buyer during the negotiation. Such a commitment might mean that an interested buyer for a few days to think about getting a bid. The broker will in the meantime try not to another party to enter into negotiations. The interested buyer can use this time to a better understanding of mean funding or uses of the property.
An option can not demand, the seller and selling broker to decide whether a given negotiation commitments.
The broker requires an extremely high price for a property. Is that allowed?
The seller determines which he sells his home in consultation with his Realtor. The buyer can negotiate the price, but the seller decides. This applies to all goods which the seller considers important to decide whether his home to this buyer. If the seller and buyer agree about these matters, there is a buy.
Sometimes the seller and buyer a number of less important matters, "movable property" for example, only to negotiate when they talk about the principal issues. In such a case, the court may provide that if the parties can not agree side issues, now they are on their own sometimes indicated as the principal, must continue to negotiate until a reasonable result is achieved on the side issues.
When I am in negotiation?
You can not force you are negotiating. You are only in negotiation when the seller responds to your bid. So if the seller makes a counter. Also, the selling broker explicitly indicate that he is negotiating with you. You are not negotiating the selling broker says that he is your bid will consult with the seller.
Can the broker with more than one candidate while negotiating?
The broker can negotiate with several candidates simultaneously. This should, however, he does to those concerned to make known
Can the seller the asking price of a property during the negotiations?
The answer is yes. If the asking price is only an invitation to make an offer (as described under "If I offer the asking price, the seller must sell the house than me ?"), Then the seller can also decide the asking price to decrease or increase .
During the negotiation parties often and again bids. If the prospective buyer makes a counter that is different from the bid that the vendor has done before, it expires the earlier bid by the vendor. So even if the parties ' closer to each other " in the bidding process, the seller can suddenly decide to do me an counter-offer to the buyer to raise its bid again to decrease.
Can a broker during the negotiation of sales system changes?
That may be. One of the parties may terminate the negotiation. Sometimes there are so many that the asking price offer or approach, it is difficult to determine who the best buyer. In that case, the selling broker - naturally in consultation with the seller - decide to break o ff the negotiations and the bidding procedure to change.
Of course, he first made any pledges. The broker then opt for a tender procedure. All bidders have an equal chance to make the highest bid. Ask your estate agent to an explanation of the registration procedure.