Understanding A Sales Contract

Finding the right home is an exciting time so make sure that once you have decided this is the home for you that you protect yourself when writing the sales contract. This is where making the wrong entries can cost you money, or the home.

It may sound silly to say, but when you are writing a contract make sure that it is the current edition of the form. On the bottom is printed the date this form was last changed. Not having an up-to-date form will leave out new changes to the guidelines that you need to be aware of.

These contracts are long, complicated and full of legal talk so take time to read everything. Never let anyone rush you into signing something unless you have thoroughly gone over every word. If there is something that you want to address that isn't listed the counteroffer is the time to address it. Once the contract is accepted, it will be too late to bring it up.

The contract is going to have a lot of specific dates in it. For example, inspection cutoff and contingency cutoff, financing contingency cutoff, loan application, loan approval, etc. Sellers will want these dates to be as soon as possible. But as a buyer you want them to be as long as possible. All of these dates can be negotiated so give yourself plenty of time to get everything taken care of.

When looking over the contract make sure everything has been filled out. There should be no blanks anywhere. Some contracts spell out who will be doing certain repairs, the condition of certain components of the home or a clause concerning the inspection contingency. Read these areas carefully.

Once the contract has been accepted, write all of your specified dates down. These are very important! If you miss a cutoff it could be disastrous for you. Make sure you keep within the time limits to protect yourself. If something comes up that may interfere with a deadline contact your agent immediately.

You can do some of the preliminary work ahead of time to start the process. Having essential documentation to your lender means they can get started on your loan package and just wait for an address to plug everything into their system. Also, having already chosen an inspector will have them on standby.

For more information on the contents of the real estate contract, contact local real estate expert Maria Marandici at 561-213-6154.

For more information about Buying or Selling a home in Boca Raton, visit my website, Boca Raton homes for sale.

Looking for a bargain? Visit my Bank owned Boca Raton website, Boca Raton Foreclosures, or just browse the MLS:

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