Kenneth Huizenga June 10, 2019 Purchase Agreement
A home purchase is a significant investment of time and financial resources by both the buyer and the seller. To expedite the process, you’ll want to agree to the terms up front and include them in the correct format. For additional help and resources, including information on your state’s specifc forms and purchase agreement, contact your professional today
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.
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’re completing a purchase and sale agreement as part of an initial bid on a home, set a time limit for the seller to sign. This will encourage them to evaluate the offer and respond with their final answer or a counteroffer in a timely fashion.