HomeLight

JUNE 23, 2022

In many cases, if a homebuyer wants to back out of a contract and retrieve their earnest money, they’ll be able to find a way to do so within the confines of the real estate purchase contract. The typical amount is around 1% of the purchase price (ex. $5k 5k for a $500K home). The short answer is yes, usually.

Earnest money deposit 103

Earnest money deposit Purchase and sale agreement Due diligence Home sale contingency 103

HomeLight

SEPTEMBER 10, 2022

Say you’re visiting yard sales on a Saturday morning and you come across the perfect wicker patio set, exactly what you’ve been looking for. Kick-out clauses are often employed when the buyers have to sell their current home first, and the sellers want to continue marketing their home in the meantime.

Purchase and sale agreement 87

Purchase and sale agreement Home sale contingency Sales Inspection contingency 87

Realty Biz

FEBRUARY 20, 2021

Many buyers and sellers are not well educated about the intricacy of some real estate contingency clauses. Given they are significant legal terms in a purchase and sale, it is essential to have a strong working knowledge of how they work. Most buyers will have a home inspection contingency in their contract.

Purchase and sale agreement 135

Purchase and sale agreement Inspection contingency Earnest money deposit Home sale contingency 135

Realty Biz

APRIL 17, 2023

It is a form of assurance that the buyer is serious about buying the property and will follow through with the purchase. The amount of earnest money typically varies from 1-5% of the purchase price, depending on the buyer's agreement with the seller. Let's examine more closely how a buyer's funds can be returned.

Earnest money deposit 66

Earnest money deposit Purchase and sale agreement Home sale contingency Title 66

HomeLight

JULY 29, 2022

When you’re buying a house, the list of what can go wrong at closing includes everything from issues with the mortgage loan and buyer’s credit, insurance snags, appraisal problems, title claims, and events beyond everyone’s control (such as natural disasters, or buyer or seller illness or death). Problem: Wire fraud (money goes missing).

Closing 102

Closing Purchase and sale agreement Title Home sale contingency 102

HomeLight

OCTOBER 30, 2020

A cash deal can close in as little as 7 days, while financed home purchases tend to take an average of 45 days to close. And if you add a home sale contingency into the mix (that is, if you need to sell your current home before you can buy a new one), closing the deal can take even longer. Not always!

Closing 107

Closing Inspection contingency Title search Purchase and sale agreement 107

HomeLight

JULY 26, 2022

Is it a yard sale? No…it’s a for sale sign!!! You’ve found yourself a FSBO home. What is a FSBO home? A “for sale by owner,” or FSBO (pronounced “fizz-bo”) home, is a home that is being sold by its owner who hasn’t hired a listing agent. Why would a seller want to list their home FSBO?

Earnest money deposit 89

Earnest money deposit Purchase and sale agreement Title Inspection 89