As a seller of investment real estate, you know the importance of a solid, iron-clad sales contract that clearly spells out what you must do as well as what the buyer must do and when.

For instance, a common clause allows a buyer to makewhat can you see in a buyers preapproal letter modifications to an offer once an inspection has been completed and a properly worded contract also gives the buyer a specific time frame in which to order an inspection, review it then makes any changes to the agreed-upon price.

There’s also time allotted the buyer to review a title insurance report as well as examining the property survey for any clouds on title or an unacceptable easement. At the same time, you have the right to demand that the buyer’s provide evidence of a loan approval and have the financing lined up with sufficient time to close on the transaction.

As a seller, unless you’re the one providing seller financing, you don’t have automatic access to the buyer’s personal financials, credit scores and assets. Sometimes a seller will ask to see a buyer’s credit report or ask the buyer’s mortgage company for a copy of the report or at minimum release the buyer’s credit scores. Yet the seller has not right to such information. The seller has the right to review a preapproval letter as well as asking what was reviewed before the preapproval was issued, but unless the buyer’s have issued permission to the mortgage company to release such data, providing it to the seller without borrower authorization is against the law.

If you are providing the financing in part or in whole, then you certainly have the right to order and review a credit report, bank statements and tax returns. But if not, then you’ll have to be satisfied with a preapproval letter provided to the buyers by their lender.