Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [September 2006]
We write informative monthly articles about timely real estate topics. Be sure to visit our archives so you can read other past articles, which cover a range of Flagstaff real estate topics. You can also sign up for our monthly newsletter.
Know What Conveys in a Real Estate Transaction
You have searched long and hard and finally found the home of your dreams. The contract has been negotiated, a loan has been secured, and the closing date is here. Your agent has scheduled a final walkthrough so you can verify that the home is essentially in the same condition it was when you first made an offer. As soon as you walk into the house, you know something is different. The chandelier in the dining room that you had liked so much is gone, and all of the drapes have been removed from the windows.
Of all of the issues that upset a buyer, the feeling of being cheated by the seller at the eleventh hour is probably highest on the list. As a buyer, what is your recourse and how do you deal with the situation? First of all don’t come unglued. Talk to your agent and verify what the contract said. Was there a provision in the listing agreement with the seller’s agent that said the items in question would not transfer to the buyers upon closing... and, if so, was it made clear to you? If it was ambiguous, it should give you room for renegotiation. At this point, neither sellers nor the buyers want to cancel a contract over some curtains and a light fixture. The seller has probably already moved and you are too committed to back out.
This type of scenario is where the buyer’s and seller’s real estate agents can help negotiate a suitable agreement that satisfies the wishes of both parties. Perhaps the seller is willing to offer some funds at closing that will help defray the buyers cost of replacing the items.
Generally speaking, any item in a house that is affixed to the property by nail, screw, fastener, or glue is considered a “fixture” and therefore a part of the real property. All fixtures should convey with the sale of the home unless it is specifically omitted in the seller’s listing contract.
The best approach is for the seller to remove any items they want to keep prior to listing the property. They can then find a suitable replacement and affix it to the home before prospective buyers see it.
back to list of articles
back to top
|
