Saturday, November 25, 2006

Family Heirloom Causes Static Between Buyer and Seller

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I found a very interesting situation described in a Cabo San Lucas real estate blog. It is a fine example of why it is important to clearly spell out what is included in the purchase price of a home. Included items should be listed in a purchase agreement, as part of the sale.

Read about what happened...

"Our friends sold their home for full price and moved out a few days before closing.

The next day they received an angry call from the selling agent telling them that they had to bring a mirror back before the sale would close. When the home buyers did their final walk through, they refused to make their down payment because a large mirror had been taken down.

This mirror, an antique family heirloom, was never considered by the sellers as part of the sale. The seller refused to give her grandmother's mirror back.

However, their sales contract, a standard Home Purchase Contract with Terms and Conditions, included all attachments. The mirror was considered by the buyers and their agent as part of the sale. "

Source link:

In conclusion...

When a certain item is not specifically listed in the Purchase and Sale Agreement, then it should not be considered part of the sale. This term should be mutually agreed upon in writing during negotiations. This will prevent static from developing in the first place, because everything is agreed to up front.

Buyers should be conscious of items they would like to negotiate for, during a showing appointment, and include a list of these items in the purchase offer. If a seller agrees to include the items, then they will have the opportunity to say so in writing.

Little things like this, makes a knowledgeable real estate consultant valuable to real estate consumers.

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