Don’t Commit These Mistakes in the Sale-Agreement (Property)

When buying a property, the sale agreement is a legally binding document that outlines the terms and conditions of the sale.

It is important to carefully review and understand the sale agreement before signing it to ensure that it accurately reflects the terms of the sale and to avoid making mistakes that could cause problems in the future.

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Here are some common mistakes to watch out for in the sale agreement:

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1. Not reviewing the agreement in detail: Make sure to read and understand every clause of the sale agreement. This will help you to identify any potential problems or issues with the agreement and to address them with the seller or your lawyer before signing.
2. Not including all terms agreed upon: Ensure that all the terms agreed upon during the negotiations are included in the sale agreement. For example, if the seller agreed to include certain fixtures or appliances in the sale, be sure that they are specifically mentioned in the agreement.
3. Not reviewing property’s legal documents: Before signing the sale agreement, review all the legal documents related to the property, like title deeds, registration papers and Encumbrance certificate, to ensure the property is free of any legal disputes or encumbrances.
4. Not including contingencies: Include contingencies such as home inspection, termite inspection, and other contingencies that protect your interests.
5. Not specifying a closing date: Make sure the sale agreement includes a specific closing date, which is the date on which the sale is completed and the ownership of the property is transferred.
6. Not including a clear payment schedule: The sale agreement should include a clear payment schedule, including the deposit and balance of the purchase price, and any other charges or fees that apply.
7. Not specifying the responsibilities of the seller and buyer: Make sure that the agreement clearly defines the responsibilities of the seller and the buyer with regards to the property.
8. Not seeking legal advice: it is always a good idea to seek the advice of a lawyer before signing a sale agreement, as they can help you to understand the legal implications of the agreement and to identify any potential issues.