• Price and terms and conditions of the purchase • Seller’s promise to give clear title to buyer • Target closing date • Earnest deposit associated with the offer, as well as method of deposit • Disposition of earnest deposit if deal falls through or fails • Plans for adjusting taxes, fuel, and water bills between buyer/seller • Who will pay for title insurance, land survey, home inspections, etc. • The deed to be granted • State-mandated legal requirements • Attorney review of contract (not all states) • Any disclosures • The time after which the offer will expire Don’t forget about contingencies. A contingency can make or a break a home purchase deal, but what does it mean? If you’re confused by the term, you’re definitely not alone. “A contingency in a [real estate] deal means there’s something the buyer has to do for the process to go forward, whether that’s getting approved for a loan or selling a property they own,” Jimmy Branham, Keyes Company, explains on Realtor.com. Generally, the two other most common contingencies are financing and home inspections. For financing, the offer is made contingent upon the sale of your current home. For home inspections, the offer is made contingent upon a satisfactory home inspection report of the home you wish to purchase.
Step #9: Put Money in Escrow
Another step of the overall home-buying process while 134
Powered by FlippingBook