Purchase Agreement Precautions
As a buyer, you can insist upon using your own purchase agreement when buying a home. You can put language into this agreement that will protect you if the deal goes bad. Most purchase agreements have language that allow the buyer to withdraw from a sale after an inspection is performed, but what about defects that are found only after you bought the home and moved in?
At Denman & Lerner Co., L.P.A., we recommend you put language into the agreement that states if it is determined in a court of law that the seller failed to disclose a defect that he was required to disclose, then in addition to paying you the cost of making the repairs to the home to make it the house you paid for, he or she will be required to pay your attorney fees.
You can also put into the agreement that the seller guarantees that the sewer, basement and roof are free of leaks and backups, and that they will pay to fix any problems that are found within the first year.
Your realtor will try to discourage you from using a contract that deviates from their boilerplate forms. Remember, they only get paid their commission if the sale goes through. However, you need to protect yourself from being the victim.
You should ask yourself this: “If the home is free from defects why wouldn’t the seller agree to these conditions?”