When you're ready to purchase your new home, you'll need to prepare a sales contract, which outlines the terms of the sale. Be sure you understand the terms and conditions of this contract. Once signed by yourself and the seller, this forms a legal document. If what is written on the contract regarding selling price and provisions by the seller, you have bought a home. Here's a review of the components of a contract:
Description: A legal description of the property, and the street address.
Price: The selling price.
Financial considerations: Mortgage arrangements, such as obtaining a mortgage and the specifics of the mortgage. Application to be made in X number of days.
Deposit: How much money accompanies the contract and who holds it.
Closing: When the sale is final.
Inclusions and exclusions: What is and what is not included in the sale.
Home inspection: Provisions for the service to be completed by a specified date.
Warranties: Those which are included with the home.
Possession date: When the buyers take possession of the house - before, at or after closing.
Acceptance: The date by which the seller must respond to the offer with an acceptance or a counter-offer.
Property disclosures: Notification of any conditions of the house.
Over the phone or in person? Carl will review the entire process with you.