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Tip for buyers - the contract
You sailed through the home shopping process. You were pre-approved, hired a buyer's agent and found your dream home. You obtained an accepted offer and you completed the inspection. The seller agreed to repair a few items and it is now time to get the contract signed. What does that really mean? How long might it take? What should you know?
The following describes the process for Orange County, New York. This process does differ depending on where you are purchasing your home.
After the inspection items have been discussed and it's time to get a contract signed, your agent will supply various documents to your attorney. Those documents might include a copy of the listing and the purchase offer. They might also include a Memorandum of Agreement which defines additional info such as attorney contact information and real estate license numbers. Your agent will also include a list of what was agreed to in terms of repairs. There may be other items supplied as well.
The listing agent will be sending the same information to the seller's attorney. Using those documents, the seller's attorney will draft a contract. Typically they use boiler plate contracts, changing or eliminating sections that do not apply. When ... more
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