Reason 83 - Your Real Estate Agent Helps You Mediate in Contingency Clauses

 

In real estate trading, there is so-called “contingency for sale” measure. It is a bond that ties the seller and buyer, if both are half-way to signing a purchase agreement. Based on the official appraisal value obtained from registered appraisers, the property will be priced based on the declared appraised value shown to interested buyers.

 

Usually, the “contingency” clause in the process of closing a deal is applied within 24-hour allowance. This is to give way for buyer to re-think and review his decision to finally buy the property. At the same time, “contingency” agreement allows sellers to look for other interested buyers who might be willing to jack up the selling price of the property.

 

Realtors can help you to mediate in this process too. They can provide you with appraiser’s information and also remove contingency. Removing the contingency measure effects on the event that the seller accepts an offer and signs an agreement with another buyer, pending the notice to pursue purchase agreement with the other buyer.

The seller on the other hand, can return the down-payment made by the first potential buyer, if the buyer does not remove the contingency for sale  

The buyer can give notice to perform it can be 24 hours or more as given by seller. The seller can return the earnest money deposit to buyer, if buyer does not remove contingency for-sale agreement.

 

Your realtor, acting as mediator on this matter, can help you remove the contingency for sale measure and continue the deal with a new buyer. 

 

There are other measures to remove contingency for sale, like obtaining a bridge loan, borrowing the down payment from a relative and other alternatives. You may ask guidance from your realtor for enlightenment you on this matter.

 

If you have a property that is up for sale or you plan to buy one, consult your broker in your locality. He will help you search a good seller or buyer immediately. Remember, a realtor or real estate agent is the best information source for buying or selling a property. He helps you to speed up documentation and signing of contract  .

 

While selling or buying a property it is important to appraise the property for current value. There are partners who appraise the property and calculate of its current value.  Realtors have the list of appraisers who do evaluation on the property and ascertain its value. After completing appraisal, they give you a written appraisal value for the property.

 

Providing appraiser’s information is part of a realtor’s service. You can contact your realtor for more information and details. Nowadays role of appraiser is very important. He helps both buyers and sellers. The sellers will be able to gauge the right pricing for their property, without sacrificing profitability. Buyers will know how to deal and negotiate with the seller if they know the appraisal value of the property

 

Buy, Sell, Rent, Invest, In Singapore

 

Mindy Yong 杨雯诗

CEA Registration Number : R021232Z

Tel: (+65) 91002985
Fax: (+65) 64021826

mindy@mindyyong.com

 

KF Property Network Pte Ltd
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