Based on their observations, the inspector will prepare a report. Once your buyer has reviewed the report, they can approve the report, reject it, or ask for repairs. Usually, if a defect has been found in the home that would cost less than $500 to repair, you don’t have to worry about it. The ball will fall back into the buyer’s court to get the repairs done. As a final note here, if you have previously listed your home on the market with the help of an agent, you will have to take that listing off the market before you can proceed with the sale. Make sure you protect yourself to avoid any kind of penalties. BINDING OFFERS AND NON-BINDING OFFERS
You may have come across the terms “binding offers” and “non-binding offers.” Read on to learn about these terms and their importance. Non-binding offers —A non-binding offer, often referred to as an indicative offer, is a term used in the purchase and sales process through which a contractual negotiating platform can be set up between you and a potential buyer. With the help of this document, a buyer can express their interest in buying your property and their desire to enter into
negotiations while maintaining the confidentiality of the sales process. A non-binding offer must include certain clauses, explaining the purpose of the sale, determining a price range for the transaction, and outlining the terms of payment and the expected sources of loan/ mortgage. Besides these, other details, like the estimated time frame of the transaction and the expected closing date, can also be mentioned in a non-binding offer. Binding offers — When you receive an indicative offer from a potential buyer, it is legally non-binding for both parties. An indicative offer will only become a binding offer when you agree to the terms mentioned in the offer and sign an acceptance unconditionally.
94
Powered by FlippingBook