When buying a Long Island home, sometimes you will see the term: Buyer Exclusions.
This means that the seller will take with them certain items that normally stay with the home.
They do have to replace it with some other kind of light fixture if the buyer states so and it is not in the contract of sale.
What is an excluded buyer?
A: ABSOLUTELY! It is an exclusion – when you are writing the listing agreement with the agent, be sure to add the persons name as a party who is excluded from the listing and in the event they are able to purchase, you are protected from having to pay a commission.
What does exclusions mean in real estate?
Exclusions refer to fixtures which the seller does not want to include with the sale of the real property (real estate). When in doubt as to whether or not something is included or excluded from the sale, always ask before writing or accepting a contract to avoid unhappy surprises or conflicts later!
What happens if a buyer backs out?
Usually if a buyer backs out, it will be because of an issue with the home inspection or financing and they’ll get back their deposit. If they just have a change of heart, then the seller will usually be entitled to keep the deposit.
What happens if a buyer refuses to close?
Like other legally binding contracts, if one of the parties refuses to complete the real estate transaction according to its terms, the other party may seek damages for breach of contract. If the seller is the party refusing to complete the transaction, the buyer can seek “specific performance”.