In the heat of the moment a purchase offer may seem like a hastily written document. Rest assured the real estate professionals involved take special care to make sure all is proper. Yet that multi-page, fine-print purchase offer may shortly become a legally binding contract. If the seller says yes by affixing his or her signature on the bottom line and any changes are ratified, the buyer is locked in—but to what?
In The Know
Before writing a contract, you should review it to determine what it is you’re signing. Ask questions about anything you don’t understand. This sometimes-confusing document outlines many facets of the transaction.
While contracts are created in most part on a local basis, they typically deal with many of the same issues, such as:
- Price, terms and financing
- What conveys, what stays
- Home inspections, pest inspections, environmental inspections, other special inspections
- Contingencies that must be cleared to speed along the transaction
- Adherence to local statutes
- Property and environmental disclosures
- Fees to be paid both by the seller and buyer
- How disputes will be settled
- Other items, depending on where you’re buying the home.
In some areas, an attorney is required to be involved in this process. If you’re planning to buy or sell a home, contact us to discuss any step of the real estate process you have questions about.
Do your homework. Read the entire contract before you sign it. Need help? Give us a call. 910-202-3607 or firstname.lastname@example.org