If you have found a home you wish to buy, a careful review of the purchase agreement is in order.
The contract will include terms and requirements for the exchange of property between seller and buyer. What should you expect to see in your purchase agreement?
In the agreement, you, as the prospective buyer, will present the price you are offering and explain how you will pay. You might pay in cash, for example, or provide a cash down payment together with a mortgage. A statement about earnest money, which solidifies the agreement, will also appear in this section.
Inclusions and exclusions
Your agreement will list the items that will either be included in or excluded from the sale of the property. The seller might, for instance, take the French door refrigerator but leave all the window coverings per your request. You should expect to note all the inclusions and exclusions mentioned in the contract when you perform your final walkthrough of the property.
The contract must contain any information about defects or other issues such as termite damage. It is illegal not to divulge such details in a real estate purchase agreement.
The agreement must include the closing costs such as those related to paying the title company or recording the deed. The contract also includes the closing date at which point the title transfers and the property legally belongs to you as the buyer.
The real estate purchase agreement is one of the most important documents you will ever sign. A careful legal review will ensure that there are no errors as you look forward to owning your new home.