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Most agents recommend that pets not be present when buyers are viewing the property. Either party can back out of the deal without being in breach of contract.You must give the completed Disclosure Statement to the buyer no later than the time the buyer makes an offer to purchase your property. Wouldn't it be nice if every real estate transaction closed without a hitch? Ownership of the land includes the right to all air above the property. An owner may obtain a permit, but not start or complete the work. As the seller, you also get to keep the buyer's down payment, no matter what happens with the contract. The party renting the property from the landlord is the Lessee or Tenant.