What You Should Look for in a Residential Real Estate Contract
Found your dream home? Before making an offer, think about what you want out of the home and the final sale of purchase. Once your offer is accepted, it becomes a legally binding contract. Any solid real estate contract should include conditions and terms that work well for you as the home buyer, including:
1. Cover the basics. Ensure that the offer includes the deposit amount, the price of purchase, the street address of the home or property you are purchasing, etc.
2. Make sure there is a home inspection contingency in the contract. If an inspection shows that the home is in poor condition or that you will need to make any costly repairs, an inspection contingency will permit you to terminate the agreement between you and the seller. If you would like to have a termite inspection and chemical tests be conducted, ensure that such stipulations are included in the offer.
3. Check to see who will pay for the closing costs. Whether the buyer or the seller pays for fees such as title search and notary fees depends on where you live and the agreement between you and the seller.
4. There should be a specification on whether the buyer or the seller will take the appliances in the home. Whether you wish for items like the refrigerator or the washing machine to be included in the purchase of the house, make sure it is stated as such in the home offer.
5. In your offer, financing options should be in your favor. If you are purchasing the home by taking out a mortgage, the contract should specify that your offer is dependent upon having financing at a specific interest rate.
6. Every offer should state the date of settlement and the possession of the home. Settlement usually takes about 45-60 days, and possession of the home typically takes place promptly after settlement.
7. Most contracts include whether the title company or a lawyer will conduct settlement services.
Contact a Will County Real Estate Attorney
A real estate attorney can significantly aid you during the home purchasing process. Whether you are purchasing your first home or a large property, an experienced real estate lawyer can ensure that your interests and goals regarding the purchase of the real estate are reflected in all offers and contracts. At the Law Office of Jack L. Zaremba, Attorney Ann Zaremba is dedicated to helping individuals and families purchase and sell all types of property. Her strong background in residential and commercial real estate law is instrumental in many successful property sales and purchases. Contact a Joliet real estate lawyer today.