Now that you and your real
estate agent have found the home you would like to
purchase, it's time to make an offer. Taking into
account the recent sales of homes in that neighborhood
which are similar in size, quality, conveniences, and
amenities, what are you willing to pay for the home?
Your real estate agent will consult with you and
advise you on how to create an offer that will have
the best chance of being accepted.
Your agent will ensure that you have everything
down in written form... no verbal agreements. After
consulting with your agent to put your offer in a
written contract that meets all the legal requirements
according to local and national guidelines, your agent
will present the seller with a written document
detailing what needs to be done by both parties to
execute the transaction. The contract should protect
the best interests of all parties involved and should
be comprehensive in nature. Your agent will also
ensure your financial position as the buyer by
including any necessary contingencies, which would
protect you if a particular requirement were not met.
Once the seller accepts it, it may be too late to make
any changes.
The contract, though not limited to this list,
should include the following:
· A legal description of the property
· The offering price
· The down payment
· Financing arrangements
· A list of fees and who will pay them
· Amount of the deposit
· Inspection rights and possible repair allowances
· The method of conveying the title and who will
handle the closing
· A list of appliances and furnishings which will
stay with the home
· The settlement date
· Any relevant contingencies
Remember that the legalities of this phase are very
important. If you have any questions or concerns, they
need to be addressed right away. After all, no one has
ever said at their closing, "I wish I had asked
fewer questions."
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