You've accepted an offer for your apartment. Now it's time for the lawyers to draw up the contract. What can you expect? We combed BrickUnderground's archives for a look at what you need to know:
- Just because you've accepted an offer doesn't mean you'll go into contract. For instance, problems with the building or your apartment may surface when the buyer's lawyer does due diligence. Or your buyer may get cold feet.
- It's still legal to send contracts out to multiple would-be buyers until the document is signed. So you can keep your options open.
- This is also when your buyer would do a home inspection, which is more likely in smaller buildings (houses, too).
- Most contracts come with "reps," a series of clauses that essentially force sellers to affirm that certain things about the apartment are true, like that the appliances work. They're mostly for the buyer's protection.
- Your deal should state that the buyer inspected or waived inspection of the unit.
- And specify whether things like window treatments, lighting fixtures and air conditioners are staying or coming with you when you move.
- When the contract is signed, the buyer typically hands over 10 percent of the sale price as a deposit.
- If the buyer doesn't pass the board or can't get financing, there's a good chance you'll keep the deposit. (Of course, good lawyers can often get their buyers out of this on a technicality.)
- And if you're the one who reneges on the deal after signing, prepare to give back the funds.