The Lull from Sale to Closing
OK, chances are it's not a quiet period. It will be a time of frenzied packing and reorganization. Just remember not to pack anything that you agreed to sell! And unless you specifically mentioned certain fixtures, everything must remain in place.
You are responsible for handing over the home in the same condition it was at the time of closing. This applies to everything that was agreed to in the agreement. If the home suffers a major calamity, you are responsible for telling the purchaser, at which point the purchaser may walk away from the deal and have the deposit returned. The purchaser may also choose to close and receive any insurance proceeds. In this unfortunate event, remember not to make any repairs until you find out what the purchaser wants to do.
Once signing the agreement, both the vendor and purchaser are under a legal obligation to close. If you decide not to for whatever reason, the purchaser has the right to sue.
If the purchaser decides to walk away from the deal, you can claim the purchaser's deposit or sue for damages.
Just Because Your House Has Sold, That Isn't the End
Chances are you've bought a new home, or are in the process of looking for one. While you already have experience with the home-buying process, our comprehensive first-time buyers' guide has all the information, calculators, worksheets, checklists, calendars and tips you need.
Also, our office locator will help you find the right REAL ESTATE PROFESSIONALS INC. agent for your needs.