Seller ask for payment?

[Tony Ho]

I am going to see a house tomorrow and this is my first deal. What if the seller ask for payment after the contract is finished? What do I tell him? I have buyers that might be interested, but I don't know how fast they can close the deal

[Hattie Dizmond]

First, the seller doesn't get "paid", until the sale closes. Second, the closing date is negotiated between the buyer & seller, and is somewhat dependent on how quickly a title company would be able to get the paperwork together. As this is your first deal, and it doesn't sound like you have buyers lined up, I would not recommend a closing date earlier than 30-days. The only thing you will pay up front is the EMD (earnest money deposit), which is not paid to the buyer. It is paid to the escrow agent, who holds that money in escrow, until closing, default or written release of contingencies.

I don't know what contract you're using, but if you use the standard TREC contract, use Section 23 (Cancellation Option).  Pay them $50 for a 10 business day Cancellation Option.  Use that time to find your buyer and them get their initial inspections done.  During that period of time you can cancel for any reason or no reason at all.  (Don't go into it thinking you will just cancel, if you messed this up!!!)  It gives you an out, if the inspections find anything that really change the numbers.