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."
