and changes—in writing.
Here is a list of the most common items that are included in the drawn-up purchase offer: • Physical address of the property • Legal description of the property • 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 the method of deposit • Disposition of earnest deposit if the 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 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.
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