I sold my triplex a few months ago; it’s supposed to close shortly. The same agent represented both sides. The agreement stated that the property had to be vacant (which created extra costs for me). Now the buyer wants to extend closing for a month while I lose rental income on the empty units. What are my rights in this deal? – UNHAPPY
DEAR UNHAPPY: Since this is an active file, your best source of advice would be your agent. That said, both buyer and seller must agree in order to change the closing date on a firm deal. In your position, one might ask for compensation to move the date, especially given the significant delay.
Sometimes you have to pick your battles. If you sold the property for a very favourable price, you might be willing to wait an additional 30 days to close. Do you know if the buyer will be able to close on the new date? Could they run into another delay? Some added assurance from the buyer might help, perhaps in the form of an additional non-refundable deposit to be paid now, in exchange for granting the extension. These are a few things you might want to discuss with your agent.
We are buying a brand new home from a large builder. They are including new appliances, but we don’t know what they look like. How can we be sure to get something we like? – CHOOSY CHEF
DEAR CHOOSY: Most of the time, builders work with a local supplier (like TA Appliances or the Brick) to have a standard appliance package delivered and installed in time for you to take possession of your home. You should be able to see the appliances in advance, either at the builder’s décor centre (where you pick your trims and upgrades), or possibly at the supplier’s location. Take the time to see what’s included in your package. If you like what is offered, you can rest easy.
If you would prefer something else, the builder may allot you a credit with the supplier that’s equivalent to what they would have spent on your appliances. The credit could be used towards your own purchase, allowing you to upgrade and pay the difference. Keep in mind that the builder may buy hundreds of units at a time and get volume discounts that you will not, so your credit may not go as far as it would if the builder was buying. You may also be responsible for arranging your own delivery and installation.
Appliances are a long-term purchase and it’s important to get them right. Not only are they a big deal to you, but if you decide to move, they will likely impress prospective buyers.