Who gets earnest money if deal falls through?
Situations where a buyer who cancels the deal must forfeit the money put down to buy the home — or not.
In nearly every real estate purchase contract, the seller will require that the buyer deposit earnest money – a sum of money that the buyer puts into trust during the transaction to demonstrate good faith.
Does seller pay for repairs after inspection?
State laws, including seller disclosure laws, are the only instance where a seller is obligated to pay for repairs after a home inspection. For everything else, it’s up to the negotiations between the buyer and seller, and who pays for what depends on what is decided after the inspection report comes in.
Who is responsible for paying for a home inspection?
Generally, the home buyer pays for the cost of a home inspection, which should be undertaken as soon as an offer for a home is accepted by the seller. It can range anywhere from $300 to about $500. The overall cost is determined by the location and size of the property.
Does buyer or seller pay for septic inspection?
In some parts of the country, septic inspections are paid for by the sellers and in others, the buyers have to do their own inspections. Your purchase contract may provide you some assistance. If your contract states that the buyer must perform and pay for the inspection, it should be at their expense.