So I got an email yesterday from a past client asking whether a shed is deemed to be a fixture and whether it should be deemed to be included in a real estate transaction or not.
I asked a few more things about her question and she told me that an employee of hers sold their home and decided to take that shed because it was not included in the agreement and in fact, they removed it before the Buyers came back for their “final inspection”, and now the Buyer’s a suing them for over $2,000 for the cost of the shed.
I asked her if the shed was there when the Buyer’s initially viewed the home and made their offer and apparently it was.
So I told her that in my opinion I believe the shed is deemed to be a fixture and should have been left behind but it would have to be up to a Judge. She went onto say that the shed was not actually fastened down to its platform and that the Sellers actually removed the screws which would in turn deem it a chattel rather than a fixture. Furthermore the shed in question was actually only worth $700 and that the claim being made against them is excessive.
At this point it also came out that neither the Seller or the Buyer was represented by a Realtor and that it was a “private transaction”. “For Sale By Owner”
Well well well. Surprise, surprise. Obviously my opinion of this situation is biased but isn’t it interesting when people take the duties and responsibilities of a Realtor so lightly and think that “these buggers” are overpaid and that they can handle the sale and or purchase on their own.
Not only do they have to go through the hassles of going to “Small Claims” court, time off work and the possibility of losing. Did they actually really save any money at all in light of the property not being properly exposed to the market place?
A professional Realtor on either end of this situation could have prevented this entire mess.
It reminds me of the old saying, “If you think the services of professional are expensive, try the services of an amateur.”
Feel free to comment on this article and have yourself a great day!
Well the local Cambridge real estate mareket is still hot. The MLS has taken on 498 new residential listings and has reported 271 sales.
Interest rates are holding steady. Five year money is available for as low as 3.79% for five years.
Purpose built multi-unit properties are still hot. Some buildings selling with a cap rate as low as 5%.
Our new 40 unit condo propject in East Galt (10 Cheese Factory Rd) is starting to gain momentum. Many interested parties. Prices start at $187,100 for a 3 bedroom unit. If you know somebody looking for a great place to start as a first time home owner or investor, please make sure they check this project out. We'll be open this weekend both Saturday and Sunday from 2 to 4pm.
If you have any real estate or mortgage questions, don't be shy. Karen and I are here to serve you.