2006-12-21 05:57:13 · 12 answers · asked by gloria b 1 in Business & Finance ➔ Renting & Real Estate
No, it isn't yours. The seller would have to worry about liability.
2006-12-21 06:00:19 · answer #1 · answered by Landlord 7 · 3⤊ 0⤋
It all depends on what the contract stipulates. Most of the time the answer to this question would be NO becauase of the potential of the deal to go bad after the potential buyer has invested $$ in the improvements. You could spend $10K in improvements, and then have the seller back out of the deal. You could also have a buyer paint the house pink and then back out leaving the seller in a position of having to spend $$ to get the house back in marketable condition.
Unless you have a really good contract written with provisions for what happens in the event of either party backing out, I would strongly reccommend that you wait until the deal closes before making any improvements. Even with a good contract, either side may be forced to file a lawsuit to make the other party comply with the terms of the contract in the event you don't close on the house. Without a good contract, you are almost guaranteed to find yourself in a lawsuit and it will be up to the court to decide what is an equitable resolution to the situation.
To sum it up...DON'T DO IT.
2006-12-21 14:05:58 · answer #2 · answered by Planner 1 · 2⤊ 0⤋
Not a good idea because if something happens and goes wrong, it has muddied the waters as to who is liable for what if there are damages and who has the rights to the improvements.
For example, you put in a new hot tub before closing and something goes bust with the financing, which is a common reason that closings fall through. As the hot tub in now part of their property and you made the improvement before you held title to the property, you will have a heck of a time litigating trying to get out of the house or depending on where you live, even any money back for your investment. If they claim that the house was damaged in other ways due to the installation of the hot tub, they can legitimately sue you.
2006-12-21 14:05:32 · answer #3 · answered by bottleblondemama 7 · 0⤊ 0⤋
I am sure that the contract would state no. But even if the seller OK'd it... say you paid $5000 for new carpeting to be installed in a house that basically isn't yours. Then say the sale falls through for any reason, you will have no recourse to recover your money. I think you can ask the attorney that will handle your closing. I would hope they advise you to wait until the closing to proceed with any work you intend to do on the house. I did this once, on a house that was new construction... I asked the builder to delete the allowances for flooring and plumbing and lighting as they were so low and I bought my own materials and had them installed... it was a risk but I really trusted my builder, and I was young and naive and lucky back then! I could have easily lost the extra $22,000...........
2006-12-21 14:08:55 · answer #4 · answered by allison w 1 · 0⤊ 0⤋
NO...on MANY levels.
THE ONLY exception could be FHA/VA situations. For example... Roof over the porch in about to collapse. The buyers REALLY want the house. The sellers want to sell to them but do not have the money for the repairs. BUT VA/FHA won't approve the loan w/o the repairs. Buyer can, with all in agreement pay/perform the repairs to make it into escrow. Keep in mind I'm an agent in Illinois. Laws very per state. A trusted web site for you would be FIND LAW.com that way you can search your state. One thing that is almost always universal though...everything can be negotiated when preparing the contract.
2006-12-21 14:05:15 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Legally, no. If the house isn't in his ownership, he has no rights unless otherwise stated in the contract.
If you are still living there, just tell him to stop.
If you have already moved out, tell him in writing (via certified mail) that you don't mind him making improvements as long as the house sale closes. Then, if he tries to get out of the sale for any reason, you can get money back to undo the repairs...my guess is that you more than likely wouldn't mind free house repairs though.
2006-12-21 14:17:42 · answer #6 · answered by Blicka 4 · 0⤊ 0⤋
NO. You dont own it until after closing. In some cases you can write the contract to say so, but if you're the seller, certainly dont allow them to DIY the projects.
2006-12-21 14:22:14 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Not and not. Before real estate is "closed" and title is not on the buyer name he doesn't own the property yet.
2006-12-21 14:03:42 · answer #8 · answered by LoneV 1 · 1⤊ 0⤋
Read the the purchase contract. It probably says NO.
2006-12-21 13:59:46 · answer #9 · answered by Morpheous 3 · 1⤊ 0⤋
Maybe but that would be stupid just renegotiate your buying price and get a professional home inspection report first
2006-12-21 14:05:32 · answer #10 · answered by Anonymous · 0⤊ 1⤋