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Blog by Philip Jones

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THE SALES PRICE

     After your search for a house and all the negotiations are over, you arrive at the bottom line--the sales price. It is not unusual for there to be disagreements between the buyer and seller about what is included in the sales price.  Careful drafting of the paperwork can help you avoid future disputes.

     The following definitions may help.  Real property is land and any permanent attachments, such as buildings, landscaping and fences.  Personal property consists of movable possessions, such as furniture and clothing.  A fixture is defined as an item of personal property that has become part of the real property by virtue of becoming permanently attached, such as a new sink, a spa, or a chandelier. 

     The principal area of dispute about what is included usually concerns fixtures.  Most preprinted real estate contracts will provide space for exclusions.  Whether you are selling or buying, you should make use of this space.  Do not assume curtains, satellite discs, antennas or fireplace equipment convey with the house.  You should also make it very clear what you don't want left on the property.  If you are specific about every item that may be questionable, you will greatly reduce the chances of a dispute after the closing.

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