After seeing House Hunters on HGTV for years, it`s your turn to find the perfect home. Or you bought a dilapidated house, poured your money and sweat into the repair, and now you`re ready to list it for sale. One way or another, once you find the perfect home or the ideal buyer, you should make sure you have a written agreement to make sure it works properly until closing, and you`ll know what to do if there`s a hiccup on the way. Step 12 – Additional Disclosures and Terms – The last two (2) sections of the terms of the contract require that you sew the following parts of the agreement: Step 2 – Identify the buyer and seller – Complete the first section of the form regarding the participating parties by entering the following information: Earnest Money: In the simple real estate purchase contract, Earnest Money can be mentioned. This reference means the down payment offered by the buyer to demonstrate a solid interest in the dwelling. The earnest money remains the property of the potential buyer until the contract is concluded. If the seller ends up selling the house to another, the Earnest Money funds return to the buyer who did not purchase the property. Third-party financing: this is the case when a bank or other credit institution grants the buyer a loan that must be repaid over time. This is the most common way to buy a new home, but approval depends on the buyer`s creditworthiness, project history and current financial situation. The remainder of this document will focus on providing a wealth of information on the terms of the agreement. It is strongly recommended that both parties be given sufficient time to verify this information responsibly. Some of these items also require attention.
The first “X. Survey,” which gives the buyer the right to receive a real estate survey before the closing date. The first empty space in this section defines the last day when this is allowed by requesting the number of days before such an action is closed before it is no longer allowed. Therefore, if the seller does not authorize a survey, if the diploma is three days away, enter the number “3.” If the buyer expects the seller to correct defects up to a certain number of days before closing, then note how many days before closing, if all these corrective measures are to be affected by the seller on the second empty line. We`re going to do a similar task in “XII. Title. Start by recording the number of days the buyer has after receiving the title application report to contradict (in writing) questions they deem unacceptable in the first empty line.