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What to know before signing the Purchase Contract.

By
Real Estate Agent with La Entrada Realty

Real Estate Corner...

Q.  We will  be purchasing a home soon and I feel uncomfortable about the contract.  Besides the purchase price, what other items do I need to be sure to verify before I sign?

A.  Although real estate contracts can have a lot of legal jargon, you need to spend time reading the entire contract and ask questions about anything you do not understand.  There are lots of details, besides the purchase price, that must be satifactorily spelled out within the contract.  

Some of the issues that you'll want to watch for include deadline dates for various inspections.  Many times sellers will try to rush this process, but be sure to give yourself enough time to get all of your inspections completely finished.  The contract also should specify how negotiations will proceed once the inspector has completed his report.  Just because an inspector says that something needs to be fixed does not automatically mean that the seller will be responsible for the repairs.  The contract also should specify who will do the required repairs or how that matter will be negotiated.  Some sellers will place a guarantee on certain major components of a home such as the roof.  The contract must include those items that are "guaranteed" by the seller versus those that are not.  Along the same lines, you will need to decide if you want a home warranty program to be included as part of the contract negotiations.  Warranties insure the major operating systems and appliances within the home.  Another item to watch for before signing a contract is the closing date.  Give yourself enough time to be sure that you are able to move from your current residence to your new home without being overly rushed.  Give yourself a few extra days in case the closing is delayed.  These are just a few of the main issues to watch for when signing a contract.  Most important: don't enter into any contract without competent representation from a REALTOR® or attorney.  If you have any questions, or are in need of capable and caring representation, please call me at 410-0724.