Selling your home can be extremely stressful. This is the fifth house we have sold but the vacation home makes it six purchases and I think we learned from each sale and purchase. We sold our first house privately to another neighbour. He wanted the house to use as a rental. We came up with a gentleman's verbal agreement then had the lawyers draw up the sale. It was clean, neat with no haggling of price or complicating conditions. Our last sale was very stressful because the buyer indicated they would not follow through on closing day. We quickly arranged bridge financing because you are legally responsible for completing the purchase even if your buyer backs out. You can sue the buyer but you are still obligated to go through with the purchase otherwise you can be sued.
The purchase of our vacation home that triggered the sale of this house and the purchase of our new home brought in new twists. First the vacation home was purchased sight unseen with legal documentation going back and fourth via courier. It was a bit more interesting as the vacation house is in the US so there were different rules to follow. We found out that the negotiations can continue even after everything has been signed with sale of this house. Certain things like price and conditions cannot be changed but if everyone is mutually agreeable, the closing date can be changed. In our case there were three parties involved - us, our buyer, our seller. There were two other parties involved indirectly of us - our buyer's buyer and our seller's seller but the way both had done things neither of these parties factored for us other than influencing dates on either end. We agreed to the closing date changes but legally we did not have to. It's interesting what can still happen even though the actual sale is a done deal!
Garden Gnome
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