Why do a counter visit in real estate?
Summary
- Is the counter-visit mandatory?
- Why carry out a real estate counter-visit?
- How to prepare a counter-visit?
A counter-visit is a second visit the buyer pays to the property they plan to purchase. Also known as a “cold” visit, it allows the buyer to have a more detailed look at the real estate. As well as get more precise information about it. Ultimately, a counter-visit is necessary for the buyer to finally reach a decision and make an offer to purchase.
Is the counter-visit mandatory?
Making a counter-visit is not mandatory and the seller/owner even has the right to refuse it. Nevertheless, it's become customary for a buyer to make a counter-visit when it's time for both parties to sign the purchase documents, especially with the final sales contract.
Following the counter-visit, it is also still possible for any of the parties to withdraw from the agreement. The seller reserves the right to reject any offer to purchase. And at the same time, the buyer can also withdraw from the agreement if they found and prove that the property has hidden defects.
This opportunity is given within a withdrawal period of 10 days according to the law. It allows the buyer to think hard about moving forward, even when they've already signed the preliminary documents. But at the same time, withdrawing after the 10-day period entails a few penalties (i.e. paying the agency fees).
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Following the counter-visit, it is also still possible for any of the parties to withdraw from the agreement. The seller reserves the right to reject any offer to purchase. And at the same time, the buyer can also withdraw from the agreement if they found and prove that the property has hidden defects.
This opportunity is given within a withdrawal period of 10 days according to the law. It allows the buyer to think hard about moving forward, even when they've already signed the preliminary documents. But at the same time, withdrawing after the 10-day period entails a few penalties (i.e. paying the agency fees).
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Why carry out a real estate counter-visit?
Since it's not mandatory, why is a counter-visit still important? Or to put it in another way: why should you still make a counter-visit to a property you plan to purchase? Well, here are a few good reasons:
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- Confirm The Info Given By The Seller
- The seller typically relays all sorts of information about the property during their initial meetings with the buyer. The latter's visits, both the first and the counter-visits, allow them to confirm said information themselves.
- This also gives the buyer an opportunity to ask questions directly to the seller/owner.
- Although technical diagnostics are done by professionals, a counter-visit also allows the buyer to make their own surveys on the space.
- Check for Potential Renovations
- More often than not, properties on sale could benefit from/require some renovation. A counter-visit allows the buyer to look at the property more clearly and see which parts could use more work and/or would need some repairs.
- Identify Possible Hidden Defects
- As mentioned previously, a counter-visit allows for a more detailed and careful look at the property. This can also help the buyer discover hidden defects and other info that wasn't relayed to them by the seller/owner.
- Evaluate The Environment
- The buyer shouldn't forget about the surrounding area of the property too. They can check if there's air or noise pollution, the nearby facilities, and more.
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How to prepare a counter-visit?
Before the counter-visit, buyers should prepare a checklist of what to focus on, be it inside or outside of the property (i.e. indoor facilities, common areas, noise pollution, parking, amenities nearby, etc.).
They'd also do well to bring a measuring device (ideal for projecting with the furniture if it is not a furnished property), a pencil & a notebook (to note the important elements, the number of rooms, the number of costs related to the property, etc.), as well as a flashlight (useful for visiting dark rooms such as the cellar or the attic).
The counter-visit is also an opportunity for the buyer to ask the real estate agent or the seller for important documents relating to the sale:
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They'd also do well to bring a measuring device (ideal for projecting with the furniture if it is not a furnished property), a pencil & a notebook (to note the important elements, the number of rooms, the number of costs related to the property, etc.), as well as a flashlight (useful for visiting dark rooms such as the cellar or the attic).
The counter-visit is also an opportunity for the buyer to ask the real estate agent or the seller for important documents relating to the sale:
- Property Tax Notice
- Floor Plan
- Mandatory Technical Diagnostics
- Utility Bills (i.e. water, heating, electricity)
- Co-ownership documents (i.e. regulations, minutes of General Meetings, contracts, extra charges, etc.)
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Ce qu’il faut retenir :
- A counter-visit is when the buyer pays a second visit to the property they plan to purchase
- It's not mandatory but has become customary for signing the important purchase documents
- The seller/owner has the right to refuse a counter-visit
- The counter-visit allows the buyer to have a more detailed look at the property
- It's also an opportunity for the buyer to ask questions directly to the seller/owner and/or their real estate agent
- It's better to prepare a measuring device, a pen & notebook, and a flashlight for the counter-visit
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Posted on 04/05/2023 by
Andy LECUYER
