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Your agent will
ensure that you have everything down in written form... no verbal
agreements. After consulting with your agent to put your offer in
a written contract that meets all the legal requirements according
to local and national guidelines, your agent will present the seller
with a written document detailing what needs to be done by both
parties to execute the transaction. The contract should protect
the best interests of all parties involved and should be comprehensive
in nature. Your agent will also ensure your financial position as
the buyer by including any necessary contingencies, which would
protect you if a particular requirement were not met. Once the seller
accepts it, it may be too late to make any changes.
The contract,
though not limited to this list, should include the following:
· A legal
description of the property
· The
offering price
· The down payment
· Financing arrangements
· A list of fees and who will pay them
· Amount of the deposit
· Inspection rights and possible repair allowances
· The method of conveying the title and who will handle the closing
· A list of appliances and furnishings which will stay with the
home
· The settlement date
· Any relevant contingencies
Remember that
the legalities of this phase are very important. If you have any
questions or concerns, they need to be addressed right away. After
all, no one has ever said at their closing, "I wish I had asked
fewer questions."
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