leonazoey
In general, when you sell your house to someone, it is theirs to do with what they please. It may pain you to think of your home being painted a hideous color or your old library used to store ‘80s action movies – but there’s not really anything you can do to stop it. However, there are certain conditions that can be placed on the sale of a home. A lawyer will be able to tell you which kinds of conditions are permitted, and will help you properly write them into your purchase agreement.
Conditions That the Seller can Place
Although a seller doesn’t really have much authority to place conditions on the buyer’s use of the property after the sale, they can condition the sale itself on certain things. For example, the seller can require a deposit of earnest money to be placed in escrow prior to the sale. Seller’s will also commonly request verification of the buyer’s qualification for financing (the buyer will also request a complementary condition allowing them to walk away from the transaction if they fail to get financing).
For the most part, the parties are free to negotiate over these conditions, and can include whatever they agree to. However, the conditions must be reasonable, and conditions that extend beyond the closing date are routinely found to be unreasonable. The attorneys at Adam Leitman Bailey, P.C., have experience drafting purchase agreements with conditions, and will be able to ensure that your conditions are valid and enforceable. Even if the buyer agrees to a condition in the purchase agreement, such as not painting the garage neon green, you will probably not have any actual legal recourse against them after closing if they paint it anyway.
Homeowner’s Association Conditions
Although the seller of the house is limited to imposing presale conditions, homeowner’s associations are far less restricted. Through what are known as covenants, conditions, and restrictions, a homeowner’s association can dictate limits and requirements on the buyer’s use of the property after closing. These conditions are formally included in the deed itself and passes to each new purchaser of the property for as long as the homeowner’s association exists. They can apply to virtually anything, from landscaping to your home’s architecture.
The seller and the homeowner’s association aren’t the only ones with an interest in placing conditions on a home sale. As mentioned above, buyers will typically push for the inclusion of a financing provision that allows them to walk away from he transaction without penalty if they fail to qualify for a home loan. While such a condition will protect the buyer from suit by the seller, they will usually need to forfeit their earnest money deposit if they made one.
Other common buyer-requested conditions focus on transaction fees. For example, they will want explicit explanation of which party is responsible for particular closing fees, or they may ask that the seller help the buyer pay closing costs that are not typically a seller’s responsibility. Finally, buyers will also want to include a home inspection contingency that allows them to walk away from the sale if the home inspection reveals previously unknown material defects, such as a hidden termite infestation.
Conclusion
The upshot of the above is that a real estate transaction absolutely can be subject to various conditions. However, different types of conditions can only be placed on the transaction by certain parties at certain points in the transaction. These condition requirements can easily become confusing, and you should therefore hire a good real estate lawyer to help you.
a great post, I almost bought a house, hired a lawyer