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Selling my home to an Investor & Staying on as a tenant

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Lisa | 29 Jan 2017, 04:23 AM Agree 0
Hi there...I have a question about the entry condition (and exit) report in my particular situation.

I have sold my home to an investor and staying on as a renter. The new owner will be privately managing the property (ie no real estate agency - much to my dismay!). I am however getting a condition report done by an independant real estate agency the day prior to settlement.

My question is this....obviously all my belongings are already in the house - the agent doing the condition report wont be able know every mark, nail hole, dint etc that might be behind that wall hanging or under that rug or behind the couch...and it is an older home...so what happens if the new owner disputes something at the other end when i move out because it wasnt visable during the original inspection?
  • Katt | 28 Sep 2017, 07:48 AM Agree 0
    Hello Lisa,

    First of all, you must inform the buyer that the house you are selling is already old. It is also a good thing to befriend him (the buyer) to make him less discourage in buying your home when discovering any defects from it.
    Given that the agent already done his condition report with the home you are selling and you move out to the house. You must ask the agent if he had documented any defects and had photo taken to every angle of the house. Inform the agent and the buyer about any defects in advance to avoid any conflicts.
    I hope this can help you!
  • Katrina | 06 Oct 2017, 07:31 PM Agree 0
    Hi! Lisa,

    I suggest that before you decide to sell you property, make sure you know what the laws are concerning selling your home to an investor with you staying as a tenant in your particular area. When you sell your property with an investor, make sure you work only with reputable investors in your area, and have your attorney review all the paperwork and explain it to you until you fully understand everything, you want to make sure that it is reasonable before you agree to them.

    I hope this will help!

    Kind regards,
    Katt
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