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10 Steps to Buying Your Home
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Now
that you have found the home you would like to purchase, it's time to make
an offer. Taking into account the recent sales of homes in that neighborhood
which are similar in size, quality, conveniences, and amenities, what are
you willing to pay for the home?
Make sure that you
have everything down in written form... no verbal agreements. Present
the seller with a written document detailing what needs to be done by
both parties to execute the transaction. The contract should protect the
best interests of all parties involved and should be comprehensive in
nature. Once it is accepted by the seller, it may be too late to make
any changes, so make sure review your offer thoroughly before submitting
it. 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, they need to be addressed right away. After all, no one has
ever said at their closing, "I wish I had asked fewer questions."
Your
agent can save you time and money by making sure that your contract meets all the legal
requirements according to local and national guidelines. Your agent will
be able to expertly advise you on how to create an offer that will have
the best chance of being accepted. Also, your agent will ensure your financial
position as the buyer by including any necessary contingencies which would
protect you if a particular requirement is not met.
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