Purchasing lakefront property is different than any other real estate. Be sure to work with a Buyer’s Agent that understands lakefront property…there are some contract items that are unique to lake homes. Of course, these are in addition to all other normal contingencies in an offer. They may not all apply, but here are some key contract addendum items you should be aware of:
- “Includes all boat docks and exterior outbuilding structures/sheds present at time of initial showing”.
- “Subject to mortgage lender’s appraisal at, or above, full purchase price by (date)”.
- “Subject to Buyer’s satisfactory review of the passed septic certificate and verification of system component condition and placement (provided by the sellers) within x calendar days of
accepted Offer”. - “Subject to all state and local permitting approvals for proposed (insert item here) by (date)”.
- “Subject to Buyers completing a Well Water quantity and quality tests and their satisfactory review of associated reports”.
- “Subject to verification of flood insurance needs and satisfactory review of flood insurance pricing conditions within x calendar days of accepted Offer”.
- “Subject to buyer’s satisfactory review of written and validated deed with regards to lake access, deed restrictions and easements within x calendar days of accepted Offer”.
- “Seller warrants that he has disclosed all material defects in the land or title that he is aware of that might affect the Buyers use, enjoyment, and ownership of the property, free and clear of any encumbrances”.
*Always consult with a qualified real estate attorney for any and all contract assistance!
These are just a sample of contract essentials needed for a typical lakefront property offer. For a complete list of items, contact Lakefront Living Realty for the full list!
Key Point: We use the term “Buyer’s satisfactory review” often…so even if they provide the item, you still have an out if you are not satisfied for ANY reason!
Posted by Scott Freerksen “The Lake Guy”