What does it mean when a property is under negotiation?
This involves asking the seller to pay a percentage of your loan closing costs equal to the estimated cost of repairs. Walk away. If the seller isn’t willing to negotiate after inspection, you can usually walk away and get your earnest money back.
What does possession mean when buying a house?
What is possession? In a real estate transaction, possession occurs when the buyer takes ownership of a property after signing closing documents. After the sale is recorded with the local government and the purchase funds have been received by the seller, ownership of the property is transferred to the buyer.
What does possession remarks mean in real estate?
In real estate, when you sell a property you will sell it with the understanding that a buyer will take the property at a certain possession date. Possession dates are usually a few weeks or a few months after the property is ‘sold’. This is also known as a completion date or closing date.
What does Settlement possession mean?
The settlement is the final stage in the home transaction. This is when the ownership of the property will be transferred from the seller to the buyer. Once this is signed, the ownership is transferred from the seller to the buyer, and the buyer will also receive the keys to the home.
Can you negotiate house price after offer accepted?
Once a buyer’s offer on a property is accepted by its seller, in estate agent speak, the property becomes “sold subject to contract”, which means that the price can still be negotiated. If you’re not bothered about possibly losing your buyer, you can walk away from the deal and put your house back on the market.
Can you put an offer on a house that already has an offer?
You can make an offer on a house that already has an offer, provided the executed contract has not been signed. You can also have an offer accepted in this situation, or ask the seller if they could put your on their back up list.
What is expected time of possession?
The possession date, ideally, should be between two-three years from the inception of the project, regardless of its size,” he concludes.
Can I sell house before possession?
In case you sell an under-construction property before possession, the profits made on such sale will be taxed as short-term capital gains or long-term capital gains depending on the time interval booking date and the date when you actually sell your right in the under-construction property.
Can we sell property before possession?
How do you get possession of property?
Taking Possession. If the property is vacant, take possession immediately after the sale – do not wait for the deed to be recorded. If the property is occupied and you got a good deal, sit tight and don’t contact the owner until after the deed is recorded.
What is the difference between settlement and closing?
Although different people use different terms, the “closing” or the “settlement” refers to the same finalization of your home purchase. At the closing or settlement date, the seller receives the sale proceeds, and the buyer pays any required expenses to close the transaction, known as closing costs.
What does settling on a house mean?
House settling is the process by which a home gradually sinks further into the ground over time due to a shift in the soil beneath its foundations. In some cases, house settling is not a big deal, but it can lead to foundation damage, so it’s important to recognize the signs of house settling.