| Step 5 -
Receiving an Offer |
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When a buyer decides to buy your
home, an offer will be presented. Your real estate agent will
advise you as to whether or not the prospective buyer is
qualified to purchase your home.
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After all, there is no reason to
review an offer if the person(s) making it will not be able to
actually buy your home.
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You and your real estate agent
will then review the written document, taking care to note
what is required of both parties to execute the transaction.
The contract should protect the best interests of all parties
involved and should be comprehensive in nature.
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Once you accept the contract, it
may be too late to make any changes. 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, be certain to address them with your real estate
agent right away.
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