This is our guide to understand Real Estate Advertising in China
Here are a few “smart” tips for you to think about when You have a potential Buyer prepared to move forward:
1. Offer to Purchase: Although not frequently explained to a purchaser, this “binder” may have full legal force and hold one to a deal. Be certain that you get it reviewed by your lawyer and that it includes the words, “memorandum of understanding just – buy and sale to be signed by all parties within seven days; failing which the offer to buy will become null and void.” Assessing the deal may remove your house from the multiple listings or set it in a “holding” designation so be certain you or your agent has “qualified the purchaser.”
Review the contingencies within the offer like construction, mortgage, Compliance with Title V (septic), and the sale of the current home, etc.. Look to have short time intervals on these.
2. Purchase and Sale: Though it states standard, it’s not. There are legal provisions and clauses in it which are routinely modified and negotiated by lawyers with cyclists and addendum. Your attorney or the agent will prepare the Sale and Purchase and send it to the purchaser’s attorney for review.
This is the central document about the parties’ rights and duties. Have a lawyer review the document. Your real estate agent’s job is to market the home, not execute any legal functions. This isn’t an area to save money. If there’s an improvement in your property (sewer), you will usually be required to repay the balance of the lien that might be substantial, unless otherwise agreed to by the Buyer and the Lender.
3. It’s become fairly common for the Buyer to renegotiate cost based on a review report.
4. Have your lawyer do an owner rundown of the name. It may also reveal any technical flaws of mortgage releases, assignments of mortgages, overlooking certificates of compliance, probate issues, death certificates, estate tax clearances, etc.. Although this isn’t a complete name search, it may provide you with a head start in fixing name issues which otherwise may stop closing.
5. Lender Issues: be ready to provide certain information to the Lender’s lawyer like mortgage info, forwarding address, social security numbers, etc.. The lender’s attorney is needed to prepare and file IRS files and to receive information from the lender, the tax collector, sewer, utilities, etc. to prepare for closure.
6. Deed Preparation: A new deed will have to be prepared. Double check the description in your current deed. If there have been some changes to the description throughout your period of ownership, allow the attorney know.
7. Closing: Attempt to review at least the settlement announcement before the end. These are traditionally not available until quite close to the final due to late arriving information. As you’re not knowledgeable about the form and a few of the prices, you must have someone review it for you. Additionally, you should, or you should have your lawyer review the plot strategy to find out whether it conforms to your comprehension of the location, dimensions and shape of the lot and the deed.
We’re currently in the ‘golden era’ for Chinese industrial, commercial and residential investment abroad with increasing levels of wealth, a GDP growth rate of 7 percent year on year and the organization of a whole digital frame for Chinese investors to get land data and facilitate high-end purchases online. More information can be found at Marketingtochina.com.