The listing broker should verify as much information about the contract as possible. The licensee is responsible to the parties to make sure the dates in the contract are met. When a contingency is tied to a date in the contract, whose responsibility is it to follow up on that date?
A walk-through is not required
.
Who is responsible for proofreading the settlement statement before closing?
Paragraph 16, contract to buy. Title passes when the signed deed is delivered to and accepted by the buyer during closing. Who is responsible for proofreading the settlement statement before closing?
The agents
should check the statement with regards to the contract and all amendments.
Who is responsible for verifying square footage in a home?
To get independent confirmation of the square footage, you may have to
hire an architect or appraiser
to re-measure the property. Or you can get a rough idea of its size by multiplying the length and width of every habitable room, then multiplying the total by 1.3, which will factor in halls and bathrooms.
Can a seller accept another offer while contingent?
“Purchase agreements are legally binding agreements, and sellers need to understand their commitments and their ability to get out of the contract.” … If the buyer fails to meet these contingencies by a designated date,
the seller can cancel the agreement and then accept another offer
.
Who’s generally responsible for ordering and reviewing a survey of the property?
If the closing goes beyond 60 days you must collect a search closing charge from the seller to pay this bill. Who is responsible for ordering and paying for the updated survey?
The seller/sellers attorney
is also responsible for ordering and paying for this.
Who is liable for mistakes at closing table?
Parties.
The purchaser and seller
are ultimately responsible for the accuracy of the settlement statement. The purchaser and seller are the only two parties intimately involved in every part of the transaction. The seller is aware of liens attached to the property and the amount of any taxes or assessments owed.
What happens when a title company makes a mistake?
Even if you were able to get the title company to pay off the lien to get it removed, they would have a “
subrogation claim
” against you for whatever they pay. … If they refuse, you could then file a lawsuit to get the lien removed and possibly obtain damages for slander of title.
Can Realtors lie about square footage?
Providing inaccurate or conflicting square footage of a home can lead to a real estate lawsuit. Horiike v. Coldwell Banker is just one example. In this case, the selling agent overstated the home’s square footage in the listing and did not correct or disclose knowledge of the inaccuracy.
What if house has wrong square footage?
If you believe that the public records are inaccurate, you should
contact your local assessment department to request that the data be reviewed
. The process varies by location; some may ask you to file an appeal or submit a grievance.
How does an appraiser determine the square footage of a house?
When an appraiser calculates the square footage of a home,
it will only measure interior spaces that are heated and cooled
. This includes bedrooms (and closets), bathrooms, hallways, kitchen, and living areas, as well as enclosed patios, and finished attics.
Can a seller cancel a contingent offer?
To put it simply,
a seller can back out at any point if contingencies outlined in the home purchase agreement are not met
. … A low appraisal can be detrimental to a sale on the seller’s end, and if they’re unwilling to lower the sale price to match the appraisal value, this can cause the seller to cancel the deal.
Can a seller change their mind after accepting an offer?
If the seller changes her mind after accepting an offer, especially if the terms of the listing agreement have been met, she usually still owes the broker a commission. … Once the offer is accepted, the contract often binds both parties so
no one can change their mind without the consent of the
other party.
Can a seller still show house under contract?
A home can still be shown
, even if you have a contract signed by the seller. If inspections, the appraisal and your mortgage approval go as planned, the home is as good as yours because you’re under contract. … However, a seller can’t cancel on you simply because they receive a better offer.
Who is responsible for survey buyer or seller?
There is no legal requirement for either the buyer or the seller to pay for a land survey. In general,
the party who wants the survey is the one who pays
. For instance, if the seller wants the survey, then they must hand over the money, and likewise for the buyer.
Is a survey needed for closing?
An
up-to-date land survey is usually required by mortgage lenders
to confirm the boundaries and contents of the land they’re financing and to ensure it’s worth the funds they’re lending you. In general, your lender will expect you to pay for the surveyor’s fee as part of your closing costs.
Who pays for appraisal buyer or seller?
Buyers typically pay for appraisals
, which cost between $300 and 500 on average. This fee is usually due at closing, though you can also pay up front. It can seem like there are never-ending expenses when buying a home. Having a certified inspection and appraisal, though, are two that are well-worth the cost.
