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Agreeing on price & terms

Besides agreeing on price, the buyer and seller must meet on terms as well. As the buyer, you will want to make sure certain contingencies are written into the contract to protect your interests. The seller might have his own contingencies as well that he might ask for in the contract. Along with contingencies, in the offer to purchase contract, you’ll need to include:

  • How you intend to finance the home,

  • How much down payment you’ll be using

  • Who pays certain closing costs

  • Terms of cancellation

  • What inspections are to be completed, and who is to  perform them.

  • Escrow timetable periods

  • When do you take physical possession of the property, and how.

  • procedures to settle disputes should they occur.

As complicated as it may sound, your agent will assist you through this process and help you better understand the technicalities and legalities of purchasing real estate.

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bre#01262388, nmls #1082667, Broker Shan Roberts