The closing of your home means that you’ll be busy packing up your belongings and ensuring that you have all your arrangements made to move into your new home. Anything you agreed to sell in the offer you accepted must be left behind in the same condition at the time of sale. If there is any major change in the state of the home or other items agreed upon, you are responsible to tell the purchaser, at which point the purchaser may walk away from the deal and have the deposit returned. The purchaser may also choose to close and collect any insurance proceeds. In the event of this, don’t make any repairs without knowing what the purchaser would like to do.
Once the agreement is signed you and the purchaser are under legal obligation to close. If you decided not to sell your home, the purchaser has the right to sue.
If the purchaser decides to walk away from the deal, you can claim the purchaser’s deposit or sue for damages.
Chances are you’ve already bought your new home, or are in the process of looking for one. If you need assistance with the home buying process, check out the Buyer’s Guide for more details on finding the best home for you!