You need to be fair to yourself and your buyer throughout the negotiation. Everything—and I mean everything —must be in writing. You can withdraw your counteroffer at any time before the buyer accepts it. The same goes for the buyer withdrawing their offer before you accept. I highly advise that you seek out a professional at this point, because negotiations can be very complicated. STEP 6: THE CLOSING PROCESS Hallelujah! You’ve worked through negotiations with your buyer. All the i’s have been dotted and all the t’s have been crossed on your legally binding contract. Get ready to close. This part, you absolutely cannot do alone. You’ll need to hire a lawyer, an escrow holder, or a title company to function as your closing agent. Depending on your needs, and those of your buyer, you will likely close in 30, 45, or 60 days. Using an escrow holder. Often, contracts in real estate require an escrow holder. The escrow holder is a third party that is impartial to the outcome of the transaction. Buyers and sellers both are protected with this arrangement. Legal protection is allowed everyone involved in the transaction during the closing process. Usually, the escrow holder handles each of the necessary steps throughout the closing. Keep in mind that there are alternatives to an escrow holder, depending on the location in which you live. Using an attorney. Real estate laws vary by location. Many necessitate the use of a lawyer during these transactions, and this is especially true along the East Coast. The attorney in these cases takes on the role of the escrow holder. However, it’s advisable for a seller to utilize an attorney throughout the closing process, whether required or not. This is serious business, and having an attorney at your back can’t hurt.
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