In most real estate transactions both sides – buyer and seller – probably feel like they are doing a good job of securing a deal that is best for them. Not that either side is trying to “pull one over” on the other – just that both parties are using whatever leverage they have to secure their position in the real estate sale. But, as a recent post here noted, the South Florida real estate market is, and has been for some time, mostly a “seller’s market.” As a result, prospective buyers in South Florida need to be aware of how to best negotiate a sales contract, and then carry the deal through to the real estate closing.
When market factors are skewed against you, it can be difficult to see where your leverage lies. Home ownership is a goal that most Americans hope to one day realize, and the pursuit of this part of the “American Dream” can lead prospective buyers to abandon some advantageous positions simply because they have found the house of their dreams and they don’t want to lose out in a bidding war.
However, once an initial agreement has been struck on the purchase price, and perhaps on the timeframe for the property to switch hands, there may be some small details that need to be fleshed out in the terms of sale. For instance, are there certain items that the buyer wants included in the sale, such as appliances or lawn fixtures? Will it be the seller’s job to have professional cleaners go through the property after they leave? If there are any minor zoning violations on the property, who will be obligated to correct those issues?
These are all issues that may need to be addressed in a South Florida real estate transaction. Buyers need to be prepared as they go into these deals, and then as they go through to the real estate closing. At our law firm, we do our best to ensure that our clients are ready to “close the deal.” For more information, please visit the buyer representation section of our website.