both your time and place. Again - Don’t assume that because you bought a house in California last year that you know the rules in Kansas! The offer is made up of many elements, including all terms and conditions governing the purchase and any personal property to be included. These contracts are drafted by lawyers and approved by the Local, State, and National Real Estate Associations. Once the offer has been completed and signed, by you the buyer, it is sent off to the sellers agent to be presented to the seller for review and consideration. This marks the beginning of negotiations between the buyer and seller along-side their respective agents. There are many terms that can be negotiated between the parties. It is important to understand what you are obligating yourself to and what options exist at certain check points during the buying process. Once the contract terms are accepted by all parties and has been executed by all required signatures, a timeline begins. There is a timeline, for earnest money to be deposited, inspections to be completed and a resolution timeline for which the buyer and seller will make any final adjustments to the purchase contract. This is way over simplified, as there are many nuances to every purchase contract and there are always very specific needs and desires by each buyer and seller. Here's where your agent proves to be priceless. There are many important aspects to be included in the purchase offer. These include: the physical address and the legal description of the property; price and terms of purchase (whether it is an all cash transaction or a mortgage purchase); promise by the seller to give clear title to the buyer; target date
48
Powered by FlippingBook