If you find yourself ready to purchase a home, there are several key steps you need to take. Obviously, you have to make an offer and come to terms with the seller. At that point, you then need to move forward, with the guidance of your agent, to ensure that everything is taken care of along the way.
At some point, sooner rather than later, you need to examine the real estate purchase contract in great detail. While there is nothing wrong with relying on the assistance of your agent, you still need to do your own homework.
Here are some of the most common items to review in a real estate contract:
— The legal description of the property, such as zoning related details.
— The purchase price (make sure it’s accurate).
— Down payment, if applicable.
— Closing date.
— Any warranties being provided by the seller.
— Home inspection results.
— Title insurance.
— Any contingencies, such as those associated with repairs or financing.
As you can see, there is a lot to digest as you slowly review a real estate sales agreement.
If you’re worried about missing something of importance, give yourself plenty of time to review each and every detail. Along with this, you can always consult with a legal professional who has more experience with real estate contracts.
Since buying a home is a huge decision, you don’t want to make a mistake. Instead, you need to know the ins and outs of the contract, to avoid a situation that complicates your life in the future.
Source: Realtor.com, “This Part of the Home-Buying Paperwork Is Everything, So Make Sure You Get It Right,” accessed Nov. 02, 2016