Step
5- When You Receive an Offer
When a buyer decides to buy your
home, an offer will be presented. Your real estate agent will
advise you as to whether or not the prospective buyer is qualified
to purchase your home. After all, there is no reason to review
an offer if the person(s) making it will not be able to actually
buy your home.
You and your real estate agent
will then review the written document, taking care to note what
is required of both parties to execute the transaction. The
contract should protect the best interests of all parties involved
and should be comprehensive in nature.
Once you accept
the contract, 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, be certain to address them with your real estate agent
right away.
