You are finally settling down to buy the property and it is obvious to find plenty of paperwork with specific terms and conditions that are normally included while a purchase is carried by. Apart from the address and the price for which the purchase being made, there are several other norms to be included in a real estate contract to put you on the safer side which many of us are unaware of.
Here are a few points you have to make sure to include in your contract terms:
• Finance terms are an important point to be included in your agreement as it proves the type of payment that is made. If you are paying cash, you have to mention about it as it puts an impression on the seller. On the other hand, if your choice is to depend on a loan you can include the same in the details.
• If you are planning to get paid the closing cost by the seller, make sure you mention it in the offer so that it is undoubtedly clear.
• The common fees that are related to the home purchase must be paid by either the buyer or the seller. This must be made clear in the offer even though you can opt for sharing the total amount which can also be included in it. The costs include that of the title insurance, escrow fees, notary fees, title search fees, transfer tax, recording fees and the list goes on.
• If you are particular in having the home appliances and fixtures like the dishwasher, microwave, washing machine, television, stove or any similar assets, do not hesitate to include them in your contract as this remains as a proof always. Do not rely on verbal agreements as it may change anytime and it is difficult to rely on anyone in today's world.
• Mention the closing date when you need the entire purchasing process must be completed. You can discuss this with the seller and then include it in your agreement or come up with your own suiting your circumstances.
Here are a few points you have to make sure to include in your contract terms:
• Finance terms are an important point to be included in your agreement as it proves the type of payment that is made. If you are paying cash, you have to mention about it as it puts an impression on the seller. On the other hand, if your choice is to depend on a loan you can include the same in the details.
• If you are planning to get paid the closing cost by the seller, make sure you mention it in the offer so that it is undoubtedly clear.
• The common fees that are related to the home purchase must be paid by either the buyer or the seller. This must be made clear in the offer even though you can opt for sharing the total amount which can also be included in it. The costs include that of the title insurance, escrow fees, notary fees, title search fees, transfer tax, recording fees and the list goes on.
• If you are particular in having the home appliances and fixtures like the dishwasher, microwave, washing machine, television, stove or any similar assets, do not hesitate to include them in your contract as this remains as a proof always. Do not rely on verbal agreements as it may change anytime and it is difficult to rely on anyone in today's world.
• Mention the closing date when you need the entire purchasing process must be completed. You can discuss this with the seller and then include it in your agreement or come up with your own suiting your circumstances.
There are plenty of other things you can include in your real estate contract and it depends from one individual to another and from place to place. It is wise to note them down whenever it comes to your mind making a final list and then putting them together in your contract.
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