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Tip 94

How quickly will he settle this matter for me?

After you have chosen your settlement agent, get the name of the settlement agent of your buyer and provide this to your own agent. 

The way it works is the two agents will then work together to contact the banks, arrange for title searches and title insurance, draw up the sale contract and calculate any other fees that have to be paid. 

Settlement agents don’t work with the same speed as other agents.  If you feel that the process has stalled and it’s not your agent’s fault, then your buyer’s agent may be causing the delays.  If delays become major concerns, you may want to seriously consider the next buyer on your list, but inform the first buyer that you can’t afford to wait any longer.

Tip 95

This covers just about everything

When settlement details are finalized, a contract is drawn up.  The contract must include the following details:

· Amount/location of property
· Timing of the sale
· Transfer of funds
· Items included in, and excluded from, the sale
· Conveyance of title
· Apportionment of fees to be paid
· Insurance matters

And other such things that are typically part of a sale contract for private property.  If there are any clauses that you don’t understand, have your lawyer explain them to you.  Ask questions until you’re satisfied that everything is crystal clear.

Tip 96

Can we change this a little bit?

Be prepared for requests from the buyer to modify parts of the contract.  Don’t verbally agree to anything until your lawyer confirms that the requested changes are in order. 

This part of the exercise may take longer than you expected.  Lawyers are shrewd creatures and will make every attempt to get the most for their clients.  They’re only doing their job, and they’re doing what they’re best at – arguing and haggling. 

It is up to your lawyer to defend your interests so hopefully, the lawyer you hired is as sharp and shrewd as your buyer’s lawyer. 

When contract discussions are going on, ask your lawyer’s opinion as to the advantages and disadvantages of agreeing or disagreeing with a particular clause.  Discuss potential consequences and how changing a clause could jeopardize your rights as a seller. 

And if you do agree to change a clause, ensure that all changes are put in writing either within the body of the contract or as an addendum.