|
|
| << Back to Buyer / Seller Tips |
| It's more complicated than "Just Selling a Home"
Contract includes:
THE PURCHASE AND SALE AGREEMENT
A legal contract between the buyer and the seller that outlines the agreement between them
- Earnest money receipt
- Financing
- Inspection
- Any other special conditions
- Contingency—when appropriate
- Lead-based paint notification—when appropriate
- Closing instructions
- Agency Disclosure
- Property disclosure form completed by the property seller
THE NEGOTIATIONS
Ever-changing market conditions demand that you obtain the services of a qualified agent, skilled in the art of negotiations
Items often considered in the negotiation phase:
- Market value of the house
- Condition of the house
- Financing terms
- Circumstances surrounding the sale
- Loan pre-approval at the time of the offer
- Earnest money
- Once your offer has been presented to the sellers, they will either accept it, counter it or reject it. Often times, sellers accept portions of the agreement but counter other portions. Once the contract is mutually accepted by both buyer and seller, the rest of the purchase process begins.
- Adjusts taxes and insurance between buyer and seller
THE ESCROW PROCESS
The escrow agent:
- Requests a title report and policy
- Drafts a Deed of Trust and / or other necessary documents
- Arranges to pay off existing loans when necessary
- Computes interest in loans
- Records the appropriate documents
- Disburses the documents and money to each party involved
|
|
