Pay Close Attention to the Purchase Agreement.

If you’ve ever walked through the process of buying or selling a home, then you know that paperwork is an integral part of the process. Although dealing with paperwork can seem tedious when you are ready to jump in and unlock your new doors, it is crucial to pay close attention to the purchase agreement and the ways it may affect your transaction in the long run. I am happy to walk alongside you each step of the process, and ensure it’s smooth and stress-free!

Part of my role as a realtor is to make sure that the purchase agreement is customized to the unique needs of my client. However, there are some general categories that will apply to all purchase agreements, so let me break those down for you!

What is included in a purchase agreement?

• Basic legal documentation. This is the paperwork that confirms the legal status of the buyer and seller, including legal age, proof of existing ownership of the property, representations of zoning, and more. 
• Closing cost details. On top of clearly writing out the price of the transaction, the purchase agreement should also indicate whether the buyer or seller will be covering closing costs, or whether they will split those costs between them. These closing costs can include transfer tax, notary fees, title search fees, and escrow fees, among other costs. 
• Disclosure of risks. Most states prohibit sellers from concealing health risks and hazards present in the property being sold. This section of the purchase agreement provides the opportunity for the buyer and seller to clearly communicate about the current state of the property before the final papers are signed.
• Itemization of the sale. Oftentimes, when a buyer begins taking steps towards closing on a home, there can be some assumptions about what is included that may or may not be accurate. It is crucial to clearly outline what is included in the purchase at hand, so there are no disappointments or surprises down the road. This can range from washing machines, to light fixtures, and everything in between. 
• Contingencies. Before finalizing the sale of the home, it is a good idea to have an appraisal and home inspections performed. If the seller is not willing to match the appraisal pricing, or the seller is not willing to repair issues raised by the home inspection, the contingency clauses will allow the buyer to cancel the agreement and walk away from the purchase.

It would be my pleasure to assist you through each step of unlocking new doors, including customizing and evaluating the purchase agreement for your real estate transaction. No two client’s needs are alike, and it would be an honor to navigate the process with you as we tailor the transaction experience to your specific needs.