During the closing process of a real estate deal, you have a chance to negotiate certain elements. To learn what you can negotiate during your closing process, read this post by Land Title in Minnesota.
If you're going through a home buying process, you obviously want to get the absolute best deal you can out of it. That's why, you should be smart and well-informed so you can negotiate expertly during the closing process. Part of this involves figuring out what you can negotiate into your real estate deal, so you can get the most out of it. For tips on the matter, continue reading the post below.
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What to Negotiate into a Real Estate Deal
The Asking Price of the Property
The asking price for the property is merely a starting point for the negotiation process. That's why, if you want to establish a fair price for it, you should work with a professional home appraiser who can look into different factors (for example, the property's amenities, neighborhood, the housing market, among others) and determine how much the place is worth.
After a bit of back and forth, both parties should come to an agreement on the right price. It's important that the selling price is stated in a document that's signed by both, so as to avoid misunderstandings in the future.
When the Move Will Take Place
Another item to discuss during the negotiations is when the move will take place. It's important that you talk about this because it's possible that the seller or previous owner will still have a few of their belongings inside the property. At the same time, the buyer or new owner may be eager to move their stuff in to begin their life in their newly acquired estate.
You should come to an agreement with the other party so that you can have a moving schedule that matches perfectly.
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Who Will Pay the Closing Costs
One thing is the asking price for the property, another very different thing are the closing costs associated with the sale. Not only does the buyer have to put some money, but the seller has to do it, too. For example, they may have to take care of the transfer taxes and other expenses during their selling process.
Of course, each can pay what their own fees. However, in some negotiations, the parties agree to split the closing costs to make the transaction smoother.
The Repairs that Need to Be Made
In some occasions, properties that are pre-owned will have a few issues that need to be addressed and fixed. Who will do the repairing of said issues is something that the parties can work into the negotiations. In some cases, the seller will agree to lower the asking price for the property as long as the buyer agrees to take care of the repairs themselves.
The parties involved will have to look into their specific situation and work out a plan that works best for the both of them.
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If There are Any Additional Items
It's also possible that certain additional items will become part of the negotiations in the closing process of a real estate deal. For example, if the buyer liked the chandelier in the living room, they can ask the seller to include it in the deal. On the other hand, the seller may ask for a higher price, but will agree to include certain appliances in the sale.
As with any other of the negotiation elements mentioned here, it's imperative that the parties involved look closely into their case and agree on what's best for everyone.
The Warranty of the Assets Exchanged
Last but not least, the negotiation process can also go over the warranty of the assets exchanged during the sale (from the appliances and items, to the property itself). Basically, this warranty should take care of the repairs or replacements of these assets in case they malfunction shortly after the deal was sealed.
Buyer and seller should agree on how long the warranty is valid for, how much money it will cover, and what assets it will protect.
Make sure you have a safe and successful closing process on your real estate deal with Land Title. Call 651-697-1900 for all of your title services needs, including title insurance in Minnesota.
