When a buyer
decides to buy your home, an offer will be presented. Your real
estate agent will advise you as to whether or not the
prospective buyer is qualified to purchase your home. After all,
there is no reason to review an offer if the person(s) making it
will not be able to actually buy your home.
You and
your real estate agent will then review the written document,
taking care to note what is required of both parties to execute
the transaction. The contract should protect the best interests
of all parties involved and should be comprehensive in nature.
Once you
accept the contract, 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, be certain to address them with
your real estate agent right away.
