Obligations of Buyers and Sellers During a Real Estate Transaction

Before signing a contract, it is important the principal terms are already agreed upon before signing the contract. However, it is at the time of signing the document when the deal actually closes. The buyer must still carry out a series of precautionary measures to ensure their rights are fully met. They are:

Property checks: You must check the condition of the home. If necessary, be accompanied by professional Hunstanton Estate Agents in order to detect “hidden defects”.

Check the legal situation: For this you can go to the Land Registry, where a single note of the housing situation is required. This will verify who the owners or current owners presently are and what the mortgages or current tax situations are, etc. In this case, the important thing is that the person who is selling you the property is actually the owner.

After the signing the contract, the buyer and seller have a number of obligations.

The buyer is obliged to:

 

1

Pay the price of the property at the time and place set for it.

Receive the house and now become the owner.

Expenses and Taxes. If nothing is agreed to the contrary, the buyer must pay all subsequent charges for sale (sale deed, deed of mortgage loan, if financed and any registration fees).

The seller is obliged to:

To safeguard and preserve the home until delivery. In signing the contract, it is not normally a delivery of the house, but rather the signing of the Deed of Sale. However, until the time that this occurs, the seller is obliged to look after the house.

Delivery of the property. This is known as the “handover” and should be performed during the signing of the deed.

To assume the obligations under the contract, including any defects that may exist in the structure of the house.

Expenses and Taxes. The seller must pay the municipal capital gains (tax on the increased value of the land) and any expenses that are necessary to effect the delivery of housing.

It is not advised to go through the buying or selling process alone. Hiring Attleborough Estate Agents can help you save time and money in a number of ways. Never try to take the easy way out by doing it yourself. Sometimes when you think you are saving money, you are really just throwing it out the window.

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