10 Steps to Buying Your Home |
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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 propertyThe offering priceThe down paymentFinancing arrangementsA list of fees and who will pay themAmount of the depositInspection rights and possible repair allowancesThe method of conveying the title and who will handle the closingA list of appliances and furnishings which will stay with the homeThe 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."
Your agent can save you time and money by making sure that your contract meets all the legal requirements according to local and national guidelines. Your agent will be able to expertly advise you on how to create an offer that will have the best chance of being accepted. Also, your agent will ensure your financial position as the buyer by including any necessary contingencies which would protect you if a particular requirement is not met. |
