Can the Buyer purchase personal property from the Seller?

 

Can the Buyer purchase personal property from the Seller?

· Read in 1 minute 

Example: let’s say the Buyer wants to buy the Seller’s house and the Seller’s motorhome.

The real estate contract has provisions specific to real estate transactions and specifies that items affixed to the property (e.g. plumbing, curtain rods, garage doors, etc.) are included (unless specifically excluded) and items not affixed to the property (e.g. floor lamps, drapes, vehicles) are excluded (unless specifically included).

If the Buyer and Seller agree that the Buyer can keep the kitchen refrigerator, for example, we’d just write that into the contract as an item specifically included that is normally excluded.

However, we wouldn’t want every item under the sun to just be a one-line mention in the contract.

When it’s a non-house item, an expensive item, or a special type of item (e.g. vehicle, artwork, etc.), it’s best for all parties for it to be handled separately from the real estate purchase. Doing so ensures the transaction is handled and title transferred properly. Some items simply require a bill of sale that both parties write down and agree to in writing without a REALTOR®’s assistance while specialty items will likely require special documents.

Additionally, when obtaining mortgage financing, the appraiser will get a copy of the real estate contract and will recognize certain things like Buyer closing costs paid by the Seller, fridge included in the house purchase, etc.

However, if the appraiser sees an unusual item in the contract, it will likely be required by the lender to be removed from the real estate contract prior to closing, in which case the purchase price and/or other terms may need to be changed.


Real Estate Answers: Buying, Finances, Selling

Like it? Share it:
 
Like it? Share it: