Buying a home is one of the most exciting times of your life. Unfortunately, there's a lot to think about along the way, such as the real estate contract.
If you ignore this detail, you could end up signing something that doesn't work in your favor. Subsequently, you could be disappointed with where things end up once the purchase is complete.
Fortunately, if you know how to review a real estate purchase agreement, you won't have to worry about making a mistake. Some of the many items that you need to focus on include:
- The legal description of the property, which could include zoning information
- Closing date and time
- Down payment
- Purchase price and any other terms of the sale
- Response time before a new contract needs to be created
- Any items that are included in the sale of the home, such as appliances and window treatments
- Pest inspection results
- Home inspection results
- Title insurance
- Contingency clauses
Along with the above, there's one last thing a real estate contract needs: your signature. Of course, you don't want to sign on the dotted line until you're 100 percent sure of what the contract says.
These are the types of details to look for when reviewing a real estate contract. If there is any confusion or you have any questions, consult with your agent or a legal professional to learn more.
You have legal rights as a buyer, and you need to protect them at all times. When you take your time and ask questions, it's much easier to avoid common troubles.
Source: Realtor, "Real Estate Purchase Agreements: How to Cross the "T"s and Dot the "I"s," accessed Feb. 07, 2018