Virginia Williams May 17, 2019 Purchase Agreement
Double- and triple-check the settlement date and the agreed-upon sales price before signing the agreement. Obviously, these numbers are the most important factors on the contract. Also, you should double-check the property address, the spelling of your name and other common typos that can be easily corrected.
The mortgage contingency clause – many buyers wouldn’t be able to complete a home purchase unless they’re approved for a mortgage, thus making the home purchase contingent upon loan approval.
The parties involved in the transaction may wish to spell out items included with the sale of the house, such as appliances and window treatments. Items expressly not included, like a washer and dryer, for example, may also be stated by the seller.
A deposit, also known as earnest money, is provided by the buyer to demonstrate their commitment to the deal. If you write a check to the seller, be sure the amount is stipulated in the agreement, along with a schedule of any future deposits to be put toward the purchase. You should also request the amount be held in an escrow account until closing.
Any unneeded contingencies, such as a mortgage contingency for a cash offer, may be excluded from the purchase and sales agreement. This will help strengthen your offer and gives the seller a clear picture of what you bring to the table.
Traditional items sold with the home include window treatments or built-in appliances. Sometimes, sellers are willing to include other items. If anything out of the ordinary is included (or excluded), it should be noted on the purchase and sale agreement.
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