Kenneth Huizenga June 8, 2019 Purchase Agreement
In the purchase and sale agreement, buyers and sellers also agree on home inspection procedures. The seller sets a time limit for the buyer to perform inspections, and they may also note that the house is being sold as is, meaning they won’t fix anything in the house prior to the sale. In these cases, buyers may still be granted the opportunity to perform a home inspection. If sellers aren’t selling the home as is, there should be room for negotiation on repair costs post-inspection.
Make sure you understand what will happen if you choose not to go through with the sale. If you’re backing out due to a contingency clause, then your deposit money should be returned. If you’re unable to go through with the sale due to another issue, you’ll most likely lose any earnest money you’ve already given to the seller. Evaluate the risks of the deal falling through before signing the contract.
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.