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Now that you and your real estate
agent 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? Your real estate agent will consult with you and
advise you on how to create an offer that will have the best
chance of being accepted.
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Your agent will ensure that you
have everything down in written form... no verbal agreements.
After consulting with your agent to put your offer in a
written contract that meets all the legal requirements
according to local and national guidelines, your agent will
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. Your agent
will also ensure your financial position as the buyer by
including any necessary contingencies, which would protect you
if a particular requirement were not met. Once the seller
accepts it, it may be too late to make any changes.
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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
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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."
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