While looking for and buying Oxford MS real estate, you may be confused by some of the terms your real estate agent uses during the closing process. The real estate purchase contract is lengthy and full of legal jargon that the average home buyer and seller don’t understand. It’s important to make an effort to understand all of the terms in the contract, so that there is no confusion later on through the course of the sale.
One of those terms that can be hard to understand is seller warranty. Seller warranties are granted to the buyer through the real estate purchase contract to guarantee the home or property’s condition for a set period of time. This protects the buyer from having to pay for costly repairs that may have arisen soon after the sale of the home goes through. The seller warranty also promotes full seller disclosure when it comes to the condition of the home, and is a valuable tool in the real estate world.
A home warranty covers some home repairs, but not all. Repairs and problems that a home warranty covers are water heaters, heating systems, plumbing systems, ceiling fans, central vacuum, ductwork, some appliances (like the range, microwave, dishwasher and garbage disposal.)
However, it doesn’t cover everything, leaving out repairs such as the roof, doors and walls, and items that are no built into the house. At times, to promote a sale, a seller will add a warranty on other items in the home that perhaps the buyer has reservations about, such as air conditioning or a swimming pool. The purpose of the warranty is to cover any item that may break or stop working through the first year of the home ownership.
Home warranties are purchased by the seller through the real estate company. It’s a great idea to promote a sale, especially if a buyer seems to have cold feet about some of the conditions of the components of the home. For the small cost of $500 per year, sellers can offer their buyers protection and piece of mind, and that may just be the extra push they need in the direction of closing on and purchasing the house.
If you are a buyer looking for Oxford MS real estate, look for sellers who offer home warranties. Not only is it protection for the buyer, it is a testament to the fact that the seller is aware of the condition of their property and willing to put their proverbial money where their mouth is.
RE/MAX of Mississippi (http://www.remax-mississippi.com/oxford-ms-real-estate.aspx) is a real estate brokerage that specializes in Oxford MS real estate. Art Gib is a freelance writer.
[tags]Oxford MS real estate[/tags]
|
|