The
Lull from Sale to Closing
OK,
chances are it's not a quiet period. It will be a time of
frenzied packing and reorganization. Just remember not to
pack anything that you agreed to sell! And unless you specifically
mentioned certain fixtures, everything must remain in place.
You
are responsible for handing over the home in the same condition
it was at the time of closing. This applies to everything
that was agreed to in the agreement. If the home suffers
a major calamity, you are responsible for telling the purchaser,
at which point the purchaser may walk away from the deal
and have the deposit returned. The purchaser may also choose
to close and receive any insurance proceeds. In this unfortunate
event, remember not to make any repairs until you find out
what the purchaser wants to do.
It's
Sold - The Closing
Once signing the agreement, both the vendor and purchaser
are under a legal obligation to close. If you decide not
to for whatever reason, the purchaser has the right to sue.
If
the purchaser decides to walk away from the deal, you can
claim the purchaser's deposit or sue for damages.
Just
Because Your House Has Sold, That Isn't the End
Chances are you've bought a new home, or are in the process
of looking for one. While you already have experience with
the home-buying process, our comprehensive first-time buyers'
guide has all the information, calculators, worksheets,
checklists, calendars and tips you need.
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