Contract Offers: Buyers Need To Be Prepared_Part IV

Conditions in the Contract Offer

A contract to purchase real estate includes a sale price, a mortgage amount to be obtained and a closing date whether the home being purchased is in Iselin, New Jersey, in Middlesex County or any other state.

However, there is more to a contract to purchase than these details, and that includes the content language in the contract document. The form of the real estate contract prepared by a REALTOR® or real estate licensee can be different from one real estate company to another, from county to county and from state to state.

While price and terms are important, the most overlooked aspect and perhaps a very important consideration for the seller are the conditions in the real estate contract offer, if any. All real estate contracts have conditions. A condition in a contract offer can be more easily explained as a subject to event.

The most common condition is that the contract is subject to the buyer obtaining mortgage approval and a written mortgage commitment within a certain time frame in the amount required to purchase the home.
  
Another very common condition is that the buyer performs a termite inspection, home inspection and  perhaps a radon inspection within a certain time frame. These type inspections are so common that they are pre-printed and included in the real estate contract. Read More