Addendums
On the sellers' side, they will receive the request and either agree to it, reject it, or negotiate. If anything is changed, such as a decrease in sales price or an agreement to fix or repair something, both parties must put it in writing and sign it. This document will be called an "Addendum" to the contract and can be acquired from your broker.
Survey
After the buyer hires an inspector, they must hire a surveyor to formulate another report showing the property lines. More negotiations may be made if the property line is not what was reflected on the listing. It may be that the neighbor's fence is impeding the subject property line or vice versa. If any changes are made during a negotiation, all parties must sign another addendum.
Appraisal
If a buyer uses a lender to secure the funds for the purchase, they must hire an appraiser to show the lender that the property is worth close to the buyer's offer. Cash buyers may also want an appraisal but may skip this part. Sometimes, a lender will provide their own appraiser, surveyor, or inspector. If this is the case, the buyer won't have to hire the ones provided. If the property doesn't appraise at an amount the buyer or lender is comfortable with, they may choose to back out. The contract usually has inspection, survey, appraisal, and financing contingencies that allow the buyer to back out of the deal within specific time frames. If the buyer backs out during the process, they will have to sign another document provided by your broker.
xxxi
Powered by FlippingBook