Selling FAQ’s

Answer: Not without reaching an agreement, in writing, with the buyer to postpone or change the closing date or allow you to remain in the home past the closing date. The buyers are under no obligation to accommodate your request and can force the closing to proceed as scheduled, with you vacating the property as noted in the purchase agreement. Should they agree to your request, you should anticipate paying extra for both the accommodation as well as the extra time in the home.

Answer: No. But if the offer exactly mirrors the conditions of the listing agreement under which you have offered your home for sale, you may be obligated to the real estate agent for the commission. Both buyer and seller must sign the agreement for it to become binding.

Answer: No, not without potential consequences. Exactly what you can do and how much it will cost you will depend on how the contract is worded and Ohio law. You might not be able to get out of it at all. If you break the contract, in Ohio, the buyer can sue for monetary damages and force you to sell him the property. In addition, if you used a realtor, he or she can probably sue you for the lost commission, too. We suggest you start by hiring an attorney who can tell you what you are likely to face if you break the contract. Hiring an attorney is only the first expense of many you are probably going to have if you choose this path.

Answer: Not without reaching an agreement, in writing, with the buyer. If you’re taking additional items from the home, reducing the value of the home, expect a reduction in the purchase price of the home by an equal, or possibly greater amount, than the value of the item. The buyer isn’t obligated to accommodate your request.

Answer: No. The terms of the purchase agreement should reference any contingencies with regard to financing. If there is not a reference to obtaining financing, you may force the sale and take the buyer’s earnest money if he can’t come up with financing in time for the closing.

Answer: Any and all defects you are aware of in your home. The disclosure statement covers material or major defects that the owner has knowledge of, including:

• Appliances
• Structural defects and modifications
• Possible easements
• Neighborhood problems
• Other material facts that may affect the potential purchaser’s decision

The federal lead paint disclosures apply to the sales of residential property, including mobile homes, constructed before 1978 and require sellers to disclose known lead hazards by providing an informational booklet and a disclosure form attached to the purchase contract.

Answer: If you do decide to hire a real estate agent to assist you in selling your home, he or she will define the terms of your agreement in writing. This is called a listing agreement. The agreement will cover such items as:

• Length of time the agreement covers
• Commission to be paid to the agent
• Advertising or other promotional materials the agent will provide
• Sale price of the home

Answer: Many homeowners successfully complete the sale of their home without using a real estate agent or lawyer. Those who complete the sale on their own are responsible for all aspects of selling a home including:

• Advertising
• Following up on potential leads
• Accurate and timely completion of all paperwork
• Following the laws and disclosures required when selling real estate