8 Common Mistakes Sellers Make on the Contract

8 Common Mistakes Sellers Make on the Contract

Through the years, I have come to pay attention to some key points while negotiating for my sellers …

1. How much time will you need to pack? 

This is a very personal decision.  For the right price, you may pack in one week and perhaps that would be impossible.  Be sure to consider the answer to this question before executing your sales agreement.

2. When should you start packing?

Although it is a good idea to start clearing out closets and getting your priorities in order.  I tell my sellers “do not pack”, order your moving truck, or arrange for cancellation of utilities until you know your buyers have their commitment from the lender. Too many things can happen to delay the process. Allow yourself time to move.

3. Is your contract written in calendar days or working days?  

4. Who is paying for the Buyers Title Policy?

In Miami-Dade County, it is customary that the buyer pays for their own policy.

5. What happens to the deposit if the deal falls through?

Many sellers feel that if the buyer does not perform they will automatically get the deposit.  This is absolutely untrue. If your buyer defaults the contract will be subject to mediation or arbitration before funds are released to either party.  Nothing is definite.

6. Will you keep your home on the market and consider back up offers?

7. Will there be a post-occupancy prior to closing?

8. Who will be representing you at the closing?

The buyer will have their Attorney/Title Company.  Often times that same title company will prepare the seller’s closing documents. Just be aware that should you run into difficulties in the process, that attorney will not be representing you.

Have more questions? Call me now and we can discuss them.

Take note, these are the highlights only, please consult with an attorney for your specific circumstances.  If you would like a name and number for a good attorney, please do not hesitate to call me.

  • 8 Common Mistakes Sellers Make on the Contract
    8 Common Mistakes Sellers Make on the Contract