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Should the buyer start renovation to a house before the transaction is completed? |
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Very often, immediately after the signing of the sale and purchase agreement in the lawyer’s office, the new home buyer will start renovation work on the vacant house. To me, this is a very dangerous move for the new buyer. If the sale is aborted due to whatsoever reasons, the new buyer will end up losing a big sum for renovation works done. It is very difficult to make any claims from the seller. It is not advisable to do anything before the sale is completed. Never, never carry out any work at the premises, if the house burns or vandals breaks in and wreaks havoc, you won’t be insured for your loss. In addition the seller may claim against you on the damages done.
The best thing to do is to be patient and schedule your renovations after the sale is completed. By doing so, you can save a lot of time and money.
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