When buying a home, negotiating generous timeframes during the transaction calendar is perhaps the best thing a real estate agent can do to help their Buyer avoid overpaying for the property. Limitations to the use, enjoyment, and value of a property take time to research and understand. Without adequate timeframes, Buyers can get jammed into making decisions they do not have adequate information to make.
As an example, a quick contract calendar, like a 30-day close, is a red flag. Even with a cash transaction, a 30-day close is most likely too little time to determine the true market value of a property. Time is a crucial ingredient in avoiding common real estate problems. Rarely does a rushed transaction benefit the Buyer!
Real estate transactions are notoriously hard to unwind. Generally speaking, in most jurisdictions, once escrow closes there’s little legal recourse for an unhappy Buyer who didn’t do their homework.
Talk to your real estate agent about contract timeframes. Make sure they understand your concerns. Ask them their opinion about how much time is enough time to perform items like attorney contract review, home inspection(s), perc testing, and other contingencies.
If you feel pressured to accept contractual timeframes you’re uncomfortable with, take control of the negotiations. If you or your agent can’t get the contractual terms you need, walk away. Better safe than sorry when it comes to real estate!
Timely Contract® Legal Solutions
- TC Review: Review of contracts or documents to which you’re committed.
- TC Drafting: Custom document drafting for a document as unique as your real estate transaction.
- TIER®: Basic legal due diligence regarding exceptions to title insurance.
- TIER Plus®: Customized legal due diligence regarding risks of federal, State, Tribal, or local rules, regulations, and laws.
Use Timely Contract to avoid common legal risks of the real estate transaction … and sleep better at night!
This posting is not legal advice. Legal advice is based on specific facts. This information is necessarily general in nature.