Once you’ve found the perfect home and you’re ready to negotiate with the seller, a REALTOR® can help you make an offer. Usually, a standard “Residential Sales Contract” form is used and the information it includes is detailed below. Don’t have a REALTOR®, click here to find one.
The form lists the parties involved in the contract, the property’s address, and any items included/excluded from the sale (e.g., light fixtures, refrigerator). The form also explains the price and terms of payment binding the sale. “Earnest Money” is also discussed, which means the deposit amount is given, as well as the terms of disbursement upon closing and/or default by either party. The transaction completion date and the date the buyer will obtain possession are listed along with a summary of property features, defects, zoning violations, etc., that the buyer should be aware of. Finally, an inspection date is set and any plans for repairs are outlined. For more information on finding the right home, click here