The seller guarantees that until the conclusion of this agreement, the alienated land and house are not sold to anyone, are not mortgaged, are not in a dispute, are not under arrest, are not burdened with pledges of third parties, are in trust, rented, leased, commercial, as a contribution to the authorized capital is not transferred, no one disputes the Seller’s ownership of the specified property. For the homes for sale in Hilton Head Island SC this is important now.
The seller guarantees the absence of claims in respect of the alienated property of third parties, including heirs by law or by will.
The bottom line: A transaction may be terminated by a court upon a court decision in the event that the buyer substantially violates the contract or if circumstances radically change so that the seller loses interest in the transaction. Who can demand? The seller or his representative can demand it by a notarized power of attorney through the court.
How to protect yourself?
As a general rule, in case of termination of the contract, if the property has already been transferred, the seller will not be entitled to demand it back. This rule can be changed by the clauses of the contract. Carefully read the contract for such conditions, for example:
In the event of termination of the contract for any reason, the buyer must return to the Seller immovable property in the condition in which it was transferred.
What to include in the contract? It is enough to exclude the wording presented above from the contract in order to protect you from the seizure of real estate in case of termination of the contract.
Risk of losses due to property defects
There can be a lot of shortcomings, and losses can be expressed both in the loss of funds and in the time to eliminate them.
The property is encumbered with the rights of third parties or a pledge
The bottom line: After taking ownership of the property, the buyer discovers that the property is pledged (for example, under a loan agreement) or it is used by third parties whose rights were retained during re-registration: beneficiaries by testament or tenants.
How to protect yourself? Follow these steps:
- Review the extract from the USRN for registered liens and long-term leases for property.
- Carefully read the certificate of inheritance for possible testamentary refusals.
- Make sure that the land and the tenant are not used by tenants or tenants.
- If minors are registered in the house that cannot be written out before the transaction, take from the seller a notarized obligation to discharge the children by a certain deadline.
- Interview neighbors find out who actually uses the property.
What to include in the contract? Include the appropriate seller’s warranties in the text:
The seller guarantees that until the conclusion of this agreement, the alienated land and house are not sold to anyone, are not mortgaged, are not in a dispute, are not under arrest, are pledged and are not encumbered with the rights of third parties, are in trust, leased, or commercial, as a contribution to the authorized capital are not transferred.
The seller confirms that third parties do not have the rights to use the alienated apartment, including on the basis of a testament, and at the time of signing this agreement no one is registered in the apartment.