b-LOG: The 4 Sides to a Pool
Purchasing a home with a pool can be challenging at the best of times, let alone when the pool is under 8 inches of snow.
Buying a home with a pool can be broken down into 4 different scenarios which depend on when the purchase agreement goes firm and when the deal closes (keys exchanged).
These are ordered in terms of the degree of (potential) difficulty, starting with the easiest:
Offer is accepted and sale goes firm = Step #1
Closing date, when keys are exchanged = Step #2
1. Step #1 and Step #2 occur in the warmer months when the pool is open. (ie: the deal goes firm in May and the closing takes place in August)
2. Step #1 occurs when the pool is open but Step #2 occurs when the pool is closed. (ie: the deal goes firm in September and the closing takes place in November)
3. Step #1 occurs when the pool is closed but Step #2 occurs when the pool is open. (ie: the deal goes firm in February and the closing takes place in May)
4. Step #1 and Step #2 occur in the colder months when the pool is closed. (ie: the deal goes firm in November and the closing takes place in February)
In reality, 2 and 3 can be interchangeable, depending on whether you are the buyer or the seller. Either way, there is a technique and skill to handling all 4 scenarios with different amounts of risk taken on by the seller and/or the buyer.
Some critical questions…
Who is responsible for the pool when it opens?
Who is going to close the pool…the seller or a professional pool contractor?
How old is the liner and pump really?
If you are the seller in scenario 3, what risk are you taking on with the signing off on the pool being in good working order?
And how would the buyer react if you weren’t willing to provide some assurances?
If you are the buyer in scenario 4, what possible issues or challenges are you looking at when you open the pool in May?
If you are selling or buying a home with a pool, make sure you are considering what scenario you are in and what are the best steps to take to make sure you are covered and exposed to the least amount of risk possible.
If you would like our guidance on this important subject, feel free to contact us anytime.
Thank-you for visiting.