An offer to purchase real estate will usually contain a clause asking the seller to warrant all appliances included in the sale, be in good working order on the day of closing. This warranty usually specifies that it will not extend beyond the closing date.
What Do You Do If Appliances Need Repair?
Most buyers' of Mississauga Real Estate, Toronto Real Estate or Oakville Ontario Real Estate don't normally discover a problem with appliances until after the home has closed and you have handed over all your money owed to the seller. Since most closings seem to take place towards the end of the day and you are busy moving, a call to your lawyer on this problem usually doesn't happen for several days. The seller at this point can argue the warranty does not extend beyond the closing date. And they now have all your money making your only option small claims court. Who needs or wants that hassle?
How To Avoid This Costly Mistake
An experienced real estate agent and one looking out for your best interests will include a clause in the original offer providing for a least 2 additional visits to the property before closing day. If your real estate agent is truly looking out for you they will advise you to exercise one of those visits the day before the closing date. At this time, you check to see all included appliances are in good working order. If repairs are needed you can address this with your real estate lawyer before you hand over the balance of money owed to the seller the following day. Your real estate lawyer will arrange for one of 2 things at this point: a reduction in the selling price or a holdback sufficient to cover any necessary repairs.
If you are thinking of buying Mississauga Real Estate, Toronto Real Estate or Oakville On Real Estate why not put my 24 years of experience to work for you. Stop by my site at www.john-lavin.com and get to know me.