When you're buying a house, you want to make sure to get everything right. In order to do that, every aspect of your agreement with the seller must be included in the purchase contract. Items like financing, fixtures, inspections, closing dates and costs, and provisions for selling an existing home have to be included and clearly stated. If you are downloading Kansas residential real estate contract forms, for instance, to get some idea of what you will be expected to sign, you need to keep these conditions in mind.
Most likely you will have to get a loan to buy your house. If so, making the purchase agreement contingent on your ability to get the financing at a specific interest rate is very important. Before you even get to the point of making an offer on a piece of property, you should have already filled out a loan application and gotten pre-approved for a certain amount of money.
If something is not permanently fixed to a piece of property, the seller can remove it before the closing unless you stipulate in the agreement that it is to stay. You might be unpleasantly surprised to learn that the chandelier you loved in the house you're buying is gone because leaving it there was not a condition of the sale. In a real estate transaction, you should leave nothing to chance. If you want the appliances and fixtures to remain, it must say so in your agreement.
In order to get financing for your new home, a home inspector will have to go through it and submit a written report to you and the lender. There is standard language in most purchase agreements that gives the buyer a certain amount of time to inspect the property and raise any objections if undisclosed defects are found. If your inspector finds a major problem, and you can't work something out with the seller, you have the option of walking away from the deal.
There must be a closing date in the contract. It doesn't have to a specific date. It can be on or before a certain date, but it cannot be open ended. A residential sale can usually be finalized in thirty to sixty days. If you think you will need extra time to close on your current house, or get out of a lease, you can request a closing extension.
Who pays the closing costs is something else that has to be in an agreement. When you are requiring the seller to pay for certain items, it must be stated in the agreement. This should either be a percentage of the purchase price or a fixed dollar amount. Contracts need to state whether or not the taxes will be prorated and who is paying for the recording fees.
If you are still trying to sell your current house, and have another one under contract, a contingency must be included in the purchase agreement. You need to make the agreement contingent on your selling your old house before a closing on the new one can occur.
Buying a house is exciting. It's a new beginning and a chance to start fresh. As long as you are careful and put everything everything in writing, you should be just fine.
Most likely you will have to get a loan to buy your house. If so, making the purchase agreement contingent on your ability to get the financing at a specific interest rate is very important. Before you even get to the point of making an offer on a piece of property, you should have already filled out a loan application and gotten pre-approved for a certain amount of money.
If something is not permanently fixed to a piece of property, the seller can remove it before the closing unless you stipulate in the agreement that it is to stay. You might be unpleasantly surprised to learn that the chandelier you loved in the house you're buying is gone because leaving it there was not a condition of the sale. In a real estate transaction, you should leave nothing to chance. If you want the appliances and fixtures to remain, it must say so in your agreement.
In order to get financing for your new home, a home inspector will have to go through it and submit a written report to you and the lender. There is standard language in most purchase agreements that gives the buyer a certain amount of time to inspect the property and raise any objections if undisclosed defects are found. If your inspector finds a major problem, and you can't work something out with the seller, you have the option of walking away from the deal.
There must be a closing date in the contract. It doesn't have to a specific date. It can be on or before a certain date, but it cannot be open ended. A residential sale can usually be finalized in thirty to sixty days. If you think you will need extra time to close on your current house, or get out of a lease, you can request a closing extension.
Who pays the closing costs is something else that has to be in an agreement. When you are requiring the seller to pay for certain items, it must be stated in the agreement. This should either be a percentage of the purchase price or a fixed dollar amount. Contracts need to state whether or not the taxes will be prorated and who is paying for the recording fees.
If you are still trying to sell your current house, and have another one under contract, a contingency must be included in the purchase agreement. You need to make the agreement contingent on your selling your old house before a closing on the new one can occur.
Buying a house is exciting. It's a new beginning and a chance to start fresh. As long as you are careful and put everything everything in writing, you should be just fine.
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