Buying a house is a legal transaction. You don't want to do anything to jeopardize it. That's why it's so important that all aspects of the transaction be stated plainly in the purchase agreement. Things like inspections, closing dates, closing costs, fixtures, financing, and any provision for selling an existing home must be included. You can download Kansas residential real estate contract forms to familiarize yourself with the kind of terms and conditions you will see in yours.
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.
Unless specifically stated in a purchase agreement, anything not permanently attached to a piece of property can be taken by a seller before the closing. Without stipulating, in the agreement, you want the dining room chandelier to remain with the house, you won't have any recourse when the seller decides to dismantle and remove it. If you want the appliances and fixtures, say so in the agreement.
Before the mortgage lender will finalize your loan, you have to get a home inspection. There is standard language in most purchase agreements giving the buyer a certain number of days to have an inspection completed and to contact the seller with any objections. If the language is in your agreement, and you find something materially wrong with the house that can't be worked out, you can void the contract.
There must be a date for the closing. You can't leave this open ended. Thirty to sixty days is the common time frame for closing, but there are things that can affect it. If you need extra time to close on your old house, or work out a lease, the time frame might be extended.
You must outline who is paying for what toward the closing costs. If you have negotiated for the seller to be responsible for a portion of the costs, it has to be in the purchase agreement. The amount the seller pays should be a percentage of the total cost or a specific dollar amount. Who is paying the taxes, or if they will be prorated, must be included in the agreement.
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.
Getting a new house is exciting. It's a chance to start fresh in new surroundings. You can ensure the sale goes smoothly by putting everything in writing.
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.
Unless specifically stated in a purchase agreement, anything not permanently attached to a piece of property can be taken by a seller before the closing. Without stipulating, in the agreement, you want the dining room chandelier to remain with the house, you won't have any recourse when the seller decides to dismantle and remove it. If you want the appliances and fixtures, say so in the agreement.
Before the mortgage lender will finalize your loan, you have to get a home inspection. There is standard language in most purchase agreements giving the buyer a certain number of days to have an inspection completed and to contact the seller with any objections. If the language is in your agreement, and you find something materially wrong with the house that can't be worked out, you can void the contract.
There must be a date for the closing. You can't leave this open ended. Thirty to sixty days is the common time frame for closing, but there are things that can affect it. If you need extra time to close on your old house, or work out a lease, the time frame might be extended.
You must outline who is paying for what toward the closing costs. If you have negotiated for the seller to be responsible for a portion of the costs, it has to be in the purchase agreement. The amount the seller pays should be a percentage of the total cost or a specific dollar amount. Who is paying the taxes, or if they will be prorated, must be included in the agreement.
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.
Getting a new house is exciting. It's a chance to start fresh in new surroundings. You can ensure the sale goes smoothly by putting everything in writing.
About the Author:
Our mission is to simplify the process of buying or selling your home by putting at your disposal the most efficient Kansas residential real estate contract forms at http://www.realestatepaperwork.com/our-mission.
No comments:
Post a Comment