Buying a house is a big deal, and it's a legal transaction. You can't afford to get anything wrong. To ensure that, every facet of the agreement you have with the seller has to be included in your purchase contract. The terms regarding financing, inspections, fixtures, contingencies for selling an existing residence, and closing costs and dates must be included and stated precisely. If you intend to download Kansas residential real estate contract forms, to get an idea of what you will be signing, you should keep these terms in mind.
Unless you have the cash to pay for the house in full at closing, you will need to get approved for financing. You can't get final approval until all the requirements of the mortgage lender have been met. Because of that the purchase agreement you sign must be contingent on your getting financing at a particular interest rate. This is important even if you have been pre-approved for a loan.
Unless specifically stated in a purchase agreement, anything not permanently attached to a piece of property can be taken by a seller before the closing. Without stipulating, in the agreement, you want the dining room chandelier to remain with the house, you won't have any recourse when the seller decides to dismantle and remove it. If you want the appliances and fixtures, say so in the agreement.
When you are getting financing, a property inspection will probably be required by the mortgage lender. Most contracts have standard language giving buyers a set amount of time for the inspection and to file objections if there are undisclosed defects. As long as this language is in a contract, you can walk away from a house that has problems the seller didn't disclose in an attachment to the agreement.
There must be a closing date in the contract. It doesn't have to a specific date. It can be on or before a certain date, but it cannot be open ended. A residential sale can usually be finalized in thirty to sixty days. If you think you will need extra time to close on your current house, or get out of a lease, you can request a closing extension.
You must outline who is paying for what toward the closing costs. If you have negotiated for the seller to be responsible for a portion of the costs, it has to be in the purchase agreement. The amount the seller pays should be a percentage of the total cost or a specific dollar amount. Who is paying the taxes, or if they will be prorated, must be included in the agreement.
If you are buying one house before you have actually sold another one, there must be a contingency clause in the agreement that the sale is contingent on your selling your old residence. If you don't add this to the purchase agreement, you might end up making two house payments.
Purchasing a house should be a pleasant experience. It is a chance for a new beginning. Putting everything in writing will reduce the possibility of something going badly wrong.
Unless you have the cash to pay for the house in full at closing, you will need to get approved for financing. You can't get final approval until all the requirements of the mortgage lender have been met. Because of that the purchase agreement you sign must be contingent on your getting financing at a particular interest rate. This is important even if you have been pre-approved for a loan.
Unless specifically stated in a purchase agreement, anything not permanently attached to a piece of property can be taken by a seller before the closing. Without stipulating, in the agreement, you want the dining room chandelier to remain with the house, you won't have any recourse when the seller decides to dismantle and remove it. If you want the appliances and fixtures, say so in the agreement.
When you are getting financing, a property inspection will probably be required by the mortgage lender. Most contracts have standard language giving buyers a set amount of time for the inspection and to file objections if there are undisclosed defects. As long as this language is in a contract, you can walk away from a house that has problems the seller didn't disclose in an attachment to the agreement.
There must be a closing date in the contract. It doesn't have to a specific date. It can be on or before a certain date, but it cannot be open ended. A residential sale can usually be finalized in thirty to sixty days. If you think you will need extra time to close on your current house, or get out of a lease, you can request a closing extension.
You must outline who is paying for what toward the closing costs. If you have negotiated for the seller to be responsible for a portion of the costs, it has to be in the purchase agreement. The amount the seller pays should be a percentage of the total cost or a specific dollar amount. Who is paying the taxes, or if they will be prorated, must be included in the agreement.
If you are buying one house before you have actually sold another one, there must be a contingency clause in the agreement that the sale is contingent on your selling your old residence. If you don't add this to the purchase agreement, you might end up making two house payments.
Purchasing a house should be a pleasant experience. It is a chance for a new beginning. Putting everything in writing will reduce the possibility of something going badly wrong.
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