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.
Most likely you will have to get a loan to buy your house. If so, making the purchase agreement contingent on your ability to get the financing at a specific interest rate is very important. Before you even get to the point of making an offer on a piece of property, you should have already filled out a loan application and gotten pre-approved for a certain amount of money.
If something is not permanently fixed to a piece of property, the seller can remove it before the closing unless you stipulate in the agreement that it is to stay. You might be unpleasantly surprised to learn that the chandelier you loved in the house you're buying is gone because leaving it there was not a condition of the sale. In a real estate transaction, you should leave nothing to chance. If you want the appliances and fixtures to remain, it must say so in your 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.
Getting a new house is exciting. It's a chance to start fresh in new surroundings. You can ensure the sale goes smoothly by putting everything in writing.
Most likely you will have to get a loan to buy your house. If so, making the purchase agreement contingent on your ability to get the financing at a specific interest rate is very important. Before you even get to the point of making an offer on a piece of property, you should have already filled out a loan application and gotten pre-approved for a certain amount of money.
If something is not permanently fixed to a piece of property, the seller can remove it before the closing unless you stipulate in the agreement that it is to stay. You might be unpleasantly surprised to learn that the chandelier you loved in the house you're buying is gone because leaving it there was not a condition of the sale. In a real estate transaction, you should leave nothing to chance. If you want the appliances and fixtures to remain, it must say so in your 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.
Getting a new house is exciting. It's a chance to start fresh in new surroundings. You can ensure the sale goes smoothly by putting everything in writing.
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