Buyers
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If you get financing, an appraisal has to come in at the contracted purchase price.
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Make sure you understand whether your loan is recourse or non-recourse and the implications of each type.
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Always ask for the vesting deed from the seller so you know what legal rights the seller has and should be conveyed to you.
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Always use a title company and understand the exceptions to coverage.
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Make sure you understand the remedies under a purchase agreement e.g. whether specific performance is available and whether there are liquidated damages.
Sellers
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The seller must disclose if the sale is a short sale, and there should be a short sale addendum to the purchase agreement.
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Realize that your residence has a market value independent of what you believe to be the value of your home; the market will dictate the value.
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The liquidated damages provision is not the only remedy if the deal falls apart. Make sure to contact counsel for details.
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Do not withhold any negative information about your property. By law, you must disclose everything on the Seller’s Property Disclosure and could be liable for damages if you do not.
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Consult an attorney when in doubt. The alternative of no legal advice often can be more costly with expenses, time, and worry.
At Portfolio Aspen Properties, we can carefully guide you through each step of the process, whether you are buying Aspen property or selling your Aspen estate.
