Apartment Complex Representation

Purchase agreements commonly include contingencies that protect the buyer’s interests. Some common contingencies include:

1- Financing Contingency: This allows the buyer to secure financing for the purchase. If the buyer is unable to obtain financing within a specified period, the agreement may be terminated.

2- Appraisal Contingency: This allows the buyer to request an appraisal to ensure the property’s value aligns with the purchase price. If the appraisal comes in below the agreed-upon price, the buyer may renegotiate or terminate the agreement.

3- Inspection Contingency: This allows the buyer to conduct inspections of the property to identify any potential issues. If significant problems are discovered, the buyer may negotiate repairs or request a price reduction.

4- Other Contingencies: Depending on the circumstances, additional contingencies such as the sale of the buyer’s existing property or approval of homeowner association documents may be included.

Title and Escrow

Initiate the title and escrow process to ensure a smooth transfer of ownership. Conduct a title search to identify any potential liens or encumbrances that may affect the property’s marketability. Work closely with your attorney and the escrow company to address any title issues promptly.

Due Diligence

Buyers typically have a due diligence period to inspect the property, review documents, and address any concerns. Cooperate with the buyer’s requests for inspections and provide necessary documentation within the agreed-upon timeframe. It is crucial to work closely with your attorney to ensure all legal requirements are met during the due diligence process.

Financing and Closing

Once all contingencies have been satisfied, the buyer’s lender will finalize the loan process. As a seller, you may need to provide necessary documentation and cooperate with the buyer’s lender to facilitate the financing process. Once the financing is secured, the transaction moves towards the closing stage.