What Are Disclosures and Contingencies?
During the selling process, you will be asked to fill out a property disclosure form that is now required by law. In this document, you will inform the buyer of any significant facts you have about the condition of the property.
There will be various contingency dates in your real estate sales contract. You should be very aware of these and be sure that the actions required are performed in a timely manner. Such contingencies include the buyer’s loan approval, approval of the Preliminary Title Report, approval of termite and other inspections. Stay closely in touch with your real estate agent regarding these important dates.
When the loan is approved and the loan documents are sent to the escrow officer or the escrow assistant handling your transaction, all remaining necessary documents will be prepared.
A Home Warranty
A home warranty is like an insurance policy that covers a variety of mechanical, electrical, and plumbing items, as well as some appliances, inside the home. Optional coverage is available for more expensive systems such as air conditioners, refrigerators, pools and spas.
The seller may purchase a home warranty plan prior to selling to protect against repairs needed during the listing period, and the Buyer may be able to assume the policy at the close of escrow. Or the seller may offer to purchase a home warranty for the buyer: Offering a home warranty plan may offer these benefits:
- Increase the marketability of your home by reassuring potential Buyers
- Helps sell your home faster and at a higher price.
- Ward off potential disputes after the sale for repair and /or replacement of covered items. Most home warranty plans can be paid for at the close of escrow. A copy of the invoice is presented to Equity Title, and it becomes part of the seller’s closing costs.
What’s My Home Worth?
Get a Free detailed comparable analysis on your property’s value.