In Parts I and II of this multi-part series, we took a look at a number of issues that can lead to a real estate dispute between a buyer and a seller. Here in Part III, we will wrap up this series by examining a few other common causes of residential real estate disputes.
One of the most exciting parts of completing a home purchase is the act of actually taking possession. However, most of our readers probably know that in many cases the party that is selling the home may need additional time to move out. This usually isn’t a problem prior to closing, but if the seller needs to remain in the home even after closing, a separate possession agreement may be needed.
The possession agreement is a separate real estate contract that outlines the exact terms of how long the seller will be allowed to remain in the home past the real estate closing and what the seller will be providing to the buyer as compensation for this accommodation. The failure to draft a separate possession agreement under these types of circumstances could ultimately result in litigation if the problems can’t be resolved between the parties.
Lastly, a very common – if not the most common – source of real estate disputes is the failure to delineate exactly what stays in the home and what the seller is allowed to take upon moving out, like a certain chandelier, or making sure the home you bought includes the appliances that were there when you made the final home visit. Make sure these items are either included in the purchase agreement, or are included in a separate addendum to the agreement.
Source: www.americanbar.org, “12 Ways to Foul Up a Real Estate Transaction,” Accessed July 11, 2015