Important Clauses To Include In any Hawaii Kai Real Estate Purchase Contract

By
Real Estate Agent with Valcore Realty Group

Once you've found a piece of Hawaii Kai real estate that you like, the next step is the purchase offer. Buyers are often times intimidated by what seems to be a complicated legal document. In reality, the purchase offer is much simpler once it's explained and properly understood. In this article, we will give a brief overview of the purchase offer process, including the most important clauses to include in your purchase offer.

The purchase offer is a binding legal document that covers all the details of the sale. It includes the sale price, contingencies, financing details, closing costs, repairs needed, closing date and a lot more.

The selling price is obviously the most important factor in a purchase offer. However, the clauses you include in your purchase offer are also vitally important. The clauses or contingencies in the contract are what protect you from making a purchase before you have all the information you need.

Some of the more important clauses to include in your contract are:

1) The Inspection Clause

On any property you put an offer on, this is an absolute must. This clause states that as the buyer, you have the right to inspect the property. The offer is contingent on your approval of the results of the inspection.

2) The Financing Clause

If you didn't have the financing clause and you backed out of the contract because you didn't qualify for your loan, you would risk losing your deposit. The financing clause basically says that the contract is contingent on you getting the loan you're applying for.

3) Contract Assignment Clause

For real estate investors, this is an important clause. This gives you the right to assign the deal to other investors or get other people involved if necessary. Basically, this clause removes you from being the only person who can close the deal.

These are some of the most common and most important clauses in a real estate purchase contract. Although the legal language in the contract can be intimidating, just realize that all the document is meant to do is protect the buyer, seller and their agents by covering every possible point before the purchase.

There is a lot of free information available to you about buying, selling or investing in Hawaii Kai real estate. For complete information about the Hawaii Kai real estate market including current homes for sale, property values and more please visit our Hawaii Kai real estate website. Please also fee free to call us at 888.450.4140 anytime.

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Topic:
Home Buying
Location:
Hawaii Honolulu County
Tags:
hawaii kai real estate
hawaii kai homes for sale
hawaii kai foreclosures
hawaii kai short sales
hawaii kai properties for sale

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Rainmaker
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Mary Lockman
Windermere Real Estate Methow Valley - Winthrop, WA
Methow Valley Real Estate

I keep saying I will do educational blogs like this for my clients, and then I get distracted. Well done, you did a great explaining this and now you can use this again and again for your clients. I am a little envious.  Not to complicated and not to obvious, tone was just right!

May 10, 2011 03:18 PM #1
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