The negotiations of a real estate transaction are crucial. In them, you can reach agreements with the other party that can benefit you greatly. However, for that to happen, you need to know what you can negotiate. For an idea on that matter, continue reading.
What to Negotiate Into a Real Estate Deal
- One of the most important things you can negotiate is the house price. A lot of the times, the asking price is just a starting point to begin the negotiations.
- Another aspect you can negotiate is the day of the move (when the buyer moves in and when the seller will move out). Both parties need to find a date that will work for their schedules.
- A real estate transaction can come with certain closing costs (such as the down payment, the transfer taxes, the mortgage, among others). Both of the parties can agree to split the costs equally to have an easier time getting through the expenses.
- It's probable that the property in question will have certain issues that will need to be repaired. This is another element that can be negotiated. For example, the house price can go down if the buyer agrees to take care of the repairs.
- In certain cases, the seller or the buyer will request to add certain items (like appliances and/or furniture) to the purchase to seal the deal. This also needs to be negotiated.
- Last but not least, you may need to discuss the warranty of the items you've purchased from the seller, to guarantee you will be paid if they break down due to a previous condition.