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."