| 10
Steps to Buying Your Home |
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Now
that you have found the home you would like to purchase, it's
time to make an offer. Taking into account the recent sales of
homes in that neighborhood which are similar in size, quality,
conveniences, and amenities, what are you willing to pay for the
home?
Make
sure that you have everything down in written form... no verbal
agreements. Present the seller with a written document detailing
what needs to be done by both parties to execute the transaction.
The contract should protect the best interests of all parties
involved and should be comprehensive in nature. Once it is accepted
by the seller, it may be too late to make any changes, so make
sure review your offer thoroughly before submitting it. The contract,
though not limited to this list, should include the following:
- A
legal description of the property
- The
offering price
- The
down payment
- Financing
arrangements
- A
list of fees and who will pay them
- Amount
of the deposit
- Inspection
rights and possible repair allowances
- The
method of conveying the title and who will handle the closing
- A
list of appliances and furnishings which will stay with the
home
- The
settlement date
- Any
relevant contingencies
Remember
that the legalities of this phase are very important. If you have
any questions or concerns, they need to be addressed right away.
After all, no one has ever said at their closing, "I wish
I had asked fewer questions."
Your
agent can save you time and money by making sure
that your contract meets all the legal requirements according
to local and national guidelines. Your agent will be able to expertly
advise you on how to create an offer that will have the best chance
of being accepted. Also, your agent will ensure your financial
position as the buyer by including any necessary contingencies
which would protect you if a particular requirement is not met.
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