When you recieve an offer.
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. 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.
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.
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
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.