| 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."
Step
6 |
