You may be so excited to finally have found the real estate property of your dreams that the logical business side of your brain goes straight out the window. Take a deep breath and put your emotions on the back burner, it's time to focus and really take a hard look at the wording and fine print before you sign your name. Here are a few things to look out for: |
If you are having a house built, it is crucial to do a bit of digging into the builder's past records and reputation. Complaints with the Board of Contractors or any financial irregularities with the builder's company could spell big trouble down the road. Do your homework before falling in love with a model home.
Make sure the contract allows adequate time for home inspections. It's always a wise idea to hire your own inspector as the ones that the builder or seller's agent will recommend will be prone to shine light on the house that favors the seller, not the buyer.
Your contract should allow for a period of time to cancel the contract without any penalty which will allow you to check thoroughly into all aspects of the home's stability as well as to make appropriate financial arrangements.
Make sure that the exact price is spelled out in the contract and that the items which are included are detailed in writing.
If you are buying an existing home, you'll want it notated in the document what appliances and furnishings go with the seller and which ones will stay with the house. You may fall in love with the kitchen full of upgraded stainless steel appliances only to find that the seller took them to their next house.
It must be notated in the agreement which of the expenses will be paid for by the seller and which by the buyer. Items such as home inspections, termite inspections, appraisal and closing fees all may be negotiated and written into the deal. Don't find yourself paying for costs that you didn't expect.
Closing date timeframes and deadlines should also be included in the agreement document. Things do happen that unexpectedly prolong the buying and selling process, but make sure that you are protected should that occur. For example, if the seller remains in the house longer than expected, there will most likely be a financial penalty awarded to the buyer.
Read the real estate agreement carefully. If there are any areas that are unclear, it would be money well spent to have an attorney give it a thorough going over.
In Asheville, Real Estate agents are dedicated to providing the very best services to their clients, both buyers and sellers, with the highest degree of integrity. To know more, visit http://www.preferredrealestatecenter.com
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