First, you need to determine if you are selling your home before buying a new one, or if you are buying your new nest before selling your property.
To decide, take into account the state of the market. If there are more buyers than sellers, the time to sell is short and everything goes very quickly. If your home is well valued, it’s a safe bet that it will find a buyer easily.
Conversely, if the number of buyers is reduced, the selling time will stretch. You yourself will have time to think it over when you find accommodation that meets your needs, but you risk waiting for the future buyer longer.
Anyway, take stock of your financial condition. There are many costs associated with owning two homes. For example, you will have to pay mortgage repayments, local taxes (property tax, housing tax, etc.), condominium fees if your property is located in an apartment building, provide maintenance, take out insurance. And that for both dwellings. However, the longer the sale times, the more you risk having to bear these costs over time.
Buying real estate: two very different documents
If before signing the final deed of real estate purchase at the notary, signing a preliminary contract of houses for sale highland in is not mandatory, in fact, both parties perform one almost systematically. The preliminary contract can consist of a unilateral promise to sell, or a sales agreement.
The unilateral promise of sale commits the owner to sell his property at a price agreed in this act with the future purchaser who does not make a definitive commitment. By paying an immobilization indemnity, he has the option of buying or renouncing his acquisition within a certain period agreed between the parties and which must be specified.
The sales agreement includes two reciprocal commitments: the first, from the seller to transfer his property to the buyer for an agreed price, and the second from the buyer to acquire the accommodation. The seller may require the payment of a deposit, the amount of which is mutually agreed between the parties (between 5% and 10% of the sale price).
Finally, at the end of the promise or the sales agreement, the two parties will meet at the notary to sign the authentic deed of sale. This formality is compulsory.
Infographic created by National Land Realty – land for sale in Alabama