Bill Head

Surprises are generally unwelcome when buying or selling a home. Yet they occur frequently. You can lessen the shock with a little knowledge of how a home transaction works.

Disclosure is good for both parties

Sellers are required by law to disclose many details about the condition of their property. This obviously benefits potential buyers, since they get more information about the home. But disclosure also helps sellers. By telling prospective buyers what they know about a property, they lessen the chance of dealing with a disgruntled buyer—and possibly a lawsuit—down the road.

Some sellers even choose to disclose details about the property that the law doesn’t require, especially if they think the condition could cause problems when the buyers inevitably find out first-hand or from neighbors.

Consider this option: the buyer may walk away

Most Texas real estate contracts include a provision where the buyer purchases the option to terminate the contract. This option must be exercised within a specified amount of time, and most buyers will hire an inspector to assess the property during this period. If the inspection turns up something the buyer doesn’t want to deal with, the buyer can terminate the contract.

But that’s not the only circumstance where a buyer might terminate the deal. In fact, if a termination option is part of the contract, the buyer can walk for any reason, as long as he or she gives notice in time. The buyer doesn’t even have to give a reason.

Again, this gives buyers the peace of mind that they are purchasing with a property that meets their needs and expectations. And sellers gain by knowing the buyers are proceeding with a purchase they feel good about.

The best way to prepare for and get past surprises

With so many moving parts, real estate transactions can come apart for other reasons you weren’t expecting, too. Issues can pop up related to the survey, title policy, mortgage, repairs, items that do (or don’t) convey, damage from natural disasters, the sale of another property, and more. Your best bet to navigate all the potential problems is to work with a MetroTex Realtor. MetroTex Realtors deal with these issues day in and day out. Your MetroTex Realtor may help you avoid some scenarios that would’ve caught you off guard. And when something unexpected does arise, there’s no one better to guide you toward the best possible outcome.

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