Now
that you 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?
Make sure that you have everything down
in written form... no verbal agreements. 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. Once it is accepted by the seller, it may be too late to
make any changes, so make sure review your offer thoroughly before
submitting it. 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."
Shana can save you time and
money by making sure that your contract meets all the legal
requirements according to local and national guidelines. Shana will
be able to expertly advise you on how to create an offer that will
have the best chance of being accepted. Also, she will ensure your
financial position as the buyer by including any necessary
contingencies which would protect you if a particular requirement is
not met.
