The spring home buying/selling season is coming up quick. Here are some tips for you to consider: If you are a seller, try to sell your home “AS IS” and eliminate or cross off the “warranty” lines of the purchase agreement dealing with the furnace, heating, cooling and electrical of the home. Eliminating these warranties will lessen your risk of legal claims. In return for selling AS IS, provide the buyer with a HOMEOWNERS warranty policy through a company like HMS (Edina) which is like a high-tech service plus contract. It will fix or repair any mechanical problems in the home should something go wrong the first year. Call HMS for more information.
If you are buying, you want to make the purchase contingent upon a private home inspection, contingent upon you getting approved for financing; and contingent upon the seller buying you a one year Home Owners Police discussed above from a company like HMS. You can also make the purchase contingent upon the home appraising (by a neutral appraiser) for at least what you are paying – to insure the price of the home is “fair”. For more information, Call Attorney Rich Hechter. Remember, don’t sign any documents until a lawyer looks at them. Once you sign, you are likely bound.