Josephine Seibert June 10, 2019 Purchase Agreement
If you’re given a limited time frame, such as 10 days, to perform an inspection, make sure you can accomplish the task within it. Call inspectors before signing the agreement for a better feel of how far in advance they’ll need to be scheduled.
If you need to sell your existing home to afford a new one, you should include this contingency in the agreement. This allows the seller to evaluate the strength of your offer, while providing you the opportunity to get out of the contract if your current home doesn’t sell within a certain time period.
Closing costs are another potential point of negotiation in a real estate sale. Traditionally, these costs are split between the buyer and seller agreement. These expenses are significant and should not be overlooked.
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.
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