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Five Important Clauses to Have in the Home Buying Process

As the old adage goes, “getting a roof above your head is one of life’s necessities.” However, Home buying process, with the passage of time and an ever-increasingly hectic lifestyle, most people nowadays find it cheaper to rent rather than purchase a home. Although renting may seem to be the more secure choice at the time, purchasing a home is a more durable and convenient choice in the long run.

Home Buying Process

Purchasing a home can be time-consuming and difficult. As a result, before investing in a home, one must carefully read the terms and conditions on all papers. The land purchasing agreement is one of the most important papers in the home-buying process.

 

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What is a Home Purchase Agreement?

A Home Buying Agreement, also known as a Home Purchase Agreement, is basically a legally binding deal between a buyer and seller that specifies the terms and conditions that secure both the buyer and the seller’s interests. This contract also contains the agreed-upon selling price and is an invaluable guide for ensuring a seamless transaction. To make it simpler for homeowners, here is a list of the five most important provisions that must be included in the contract.

 

– The Indemnity Clause

This is a critical provision that the seller and buyer have as a precautionary measure to avoid any possible loss or harm. Due to a large number of parties interested in the purchase and sale of real estate, regulatory disputes are often inevitable. As a result, the seller and buyer carefully draft this clause and any possible situation that may result in collateral damage; they include.

 

– The Penalty Clause

Another important provision that is binding on both the buyer and the seller is the penalty clause. Since a property purchase involves all land and funds from both sides, it is only fair that a punitive sum be applied to whoever backs out of the contract for whatever reason.

 

– Right to Call Off Agreement

Following on from the discussion of the penalty clause, the ‘Right to Call Off Agreement’ is a requirement for homeowners. As a buyer, it is important to reserve the freedom to withdraw from the transaction under such conditions without being financially penalized. Among these possibilities are the following:

Home Buying Process

1) If the bank loan is denied.

2) If the purchaser fails to have the required legal or contractual paperwork for the land.

3) If the purchaser fails to include all legal paperwork at the time of the selling deed’s execution.

4) If the buyer discovers a mortgage default before the selling deed is executed.

 

– Outstanding Dues

It is not uncommon for the individual who formerly owned the property to have taken it on loan. As a result, it is important for the homebuyer to ensure in the sales agreement that the purchaser can pay off all unpaid dues on the property prior to the date of registration.

 

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– Special Clause

A special clause is a one-of-a-kind provision that any home buyer must have in their mortgage agreement. This provision discusses some special circumstances and what the buyer and seller would do if they occurred. For eg, stating that the deposit is not due until a few days after normal provisions such as pest inspection and building approval have been completed.

Owning a home is a huge achievement in the life of the ordinary man. Given the big picture, it is important that when purchasing one’s dream home, one should not overlook the minor details. Another way to avoid facing legal or design problems with the property is to select a reputable contractor that not only has a good reputation in the industry but also offers well-built, affordable, avant-garde homes that are within the budget.

 

 

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Disclaimer: The views of this expressed above are for informational purposes only based on the industry reports & related news stories. Navimumbaihouses.com does not guarantee the accuracy of this article, completeness, or reliability of the information & shall not be held responsible for any action taken based on the published information.
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