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.
Anything that is not permanently affixed to the property is subject to be removed by the seller prior to the closing. You should never assume anything when it comes to buying property. If you don't stipulate that you want the chandelier in the dining room to stay with the house, you won't be able to do anything when the seller dismantles it and takes it with him. If you want the fixtures and appliances, your agreement must say so.
Before the mortgage lender will finalize your loan, you have to get a home inspection. There is standard language in most purchase agreements giving the buyer a certain number of days to have an inspection completed and to contact the seller with any objections. If the language is in your agreement, and you find something materially wrong with the house that can't be worked out, you can void the contract.
Your agreement must include a closing date. It can be worded as on or before a specific date, but it can not be left open ended. Most houses close within sixty days from the contract signing, but there are some circumstances that might require an extension.
Who pays the closing costs is something else that has to be in an agreement. When you are requiring the seller to pay for certain items, it must be stated in the agreement. This should either be a percentage of the purchase price or a fixed dollar amount. Contracts need to state whether or not the taxes will be prorated and who is paying for the recording fees.
When you have signed a contract on a new house, and still have to sell your old one, that needs to be included in your agreement. You should make the sale contingent on your ability to sell your current residence. Otherwise, you could end up with 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.
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.
Anything that is not permanently affixed to the property is subject to be removed by the seller prior to the closing. You should never assume anything when it comes to buying property. If you don't stipulate that you want the chandelier in the dining room to stay with the house, you won't be able to do anything when the seller dismantles it and takes it with him. If you want the fixtures and appliances, your agreement must say so.
Before the mortgage lender will finalize your loan, you have to get a home inspection. There is standard language in most purchase agreements giving the buyer a certain number of days to have an inspection completed and to contact the seller with any objections. If the language is in your agreement, and you find something materially wrong with the house that can't be worked out, you can void the contract.
Your agreement must include a closing date. It can be worded as on or before a specific date, but it can not be left open ended. Most houses close within sixty days from the contract signing, but there are some circumstances that might require an extension.
Who pays the closing costs is something else that has to be in an agreement. When you are requiring the seller to pay for certain items, it must be stated in the agreement. This should either be a percentage of the purchase price or a fixed dollar amount. Contracts need to state whether or not the taxes will be prorated and who is paying for the recording fees.
When you have signed a contract on a new house, and still have to sell your old one, that needs to be included in your agreement. You should make the sale contingent on your ability to sell your current residence. Otherwise, you could end up with 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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