There are standard kinds of forms you need to comply with, such as the Residential Purchase Agreement. Choosing to work absent the guidance of a real estate professional will leave you vulnerable to mistakes that can prove costly to correct, or even botch the deal entirely. Real estate laws vary from state to state. These laws can also change over time. You must be up-to-date on the latest home buying information available for both your time and place. Don’t assume that because you bought a house in California last year that you know the rules in Florida! The offer made must conform to local regulations. It must generally make a mention of the price, including the terms and conditions governing the purchase. For example, if the seller agrees to pay a given sum of money on your closing costs, make sure that this is included in the proposal with the specific sum in clear and certain terms. Upon drafting and signing the offer, it is forwarded to the seller through your real estate agent or through the seller’s agent. In some places, the sales contracts are drafted by lawyers. The purchase offer is not a binding sales contract. It is the buyer’s offer on the house based on its current condition and with the items the buyer expects to remain with the property. If the seller doesn’t agree with some of your terms, he’ll cross off items and initial his changes.
46
Powered by FlippingBook