Buying a house is a big deal, and it's a legal transaction. You can't afford to get anything wrong. To ensure that, every facet of the agreement you have with the seller has to be included in your purchase contract. The terms regarding financing, inspections, fixtures, contingencies for selling an existing residence, and closing costs and dates must be included and stated precisely. If you intend to download Kansas residential real estate contract forms, to get an idea of what you will be signing, you should keep these terms in mind.
Unless you have the cash to pay for the house in full at closing, you will need to get approved for financing. You can't get final approval until all the requirements of the mortgage lender have been met. Because of that the purchase agreement you sign must be contingent on your getting financing at a particular interest rate. This is important even if you have been pre-approved for a loan.
Unless specifically stated in a purchase agreement, anything not permanently attached to a piece of property can be taken by a seller before the closing. Without stipulating, in the agreement, you want the dining room chandelier to remain with the house, you won't have any recourse when the seller decides to dismantle and remove it. If you want the appliances and fixtures, say so in the agreement.
When you are getting financing, a property inspection will probably be required by the mortgage lender. Most contracts have standard language giving buyers a set amount of time for the inspection and to file objections if there are undisclosed defects. As long as this language is in a contract, you can walk away from a house that has problems the seller didn't disclose in an attachment to the agreement.
Your agreement must include a closing date. It can be worded as on or before a specific date, but it can not be left open ended. Most houses close within sixty days from the contract signing, but there are some circumstances that might require an extension.
How the closing costs are going to be handled should be in your agreement. If the seller is paying for a portion of the cost, the agreement should include what the percentage, or fixed dollar amount, will be. Property taxes, and who will pay them, must be addressed. There needs to be a line item addressing recording fees.
If you are buying one house before you have actually sold another one, there must be a contingency clause in the agreement that the sale is contingent on your selling your old residence. If you don't add this to the purchase agreement, you might end up making two house payments.
Purchasing a house should be a pleasant experience. It is a chance for a new beginning. Putting everything in writing will reduce the possibility of something going badly wrong.
Unless you have the cash to pay for the house in full at closing, you will need to get approved for financing. You can't get final approval until all the requirements of the mortgage lender have been met. Because of that the purchase agreement you sign must be contingent on your getting financing at a particular interest rate. This is important even if you have been pre-approved for a loan.
Unless specifically stated in a purchase agreement, anything not permanently attached to a piece of property can be taken by a seller before the closing. Without stipulating, in the agreement, you want the dining room chandelier to remain with the house, you won't have any recourse when the seller decides to dismantle and remove it. If you want the appliances and fixtures, say so in the agreement.
When you are getting financing, a property inspection will probably be required by the mortgage lender. Most contracts have standard language giving buyers a set amount of time for the inspection and to file objections if there are undisclosed defects. As long as this language is in a contract, you can walk away from a house that has problems the seller didn't disclose in an attachment to the agreement.
Your agreement must include a closing date. It can be worded as on or before a specific date, but it can not be left open ended. Most houses close within sixty days from the contract signing, but there are some circumstances that might require an extension.
How the closing costs are going to be handled should be in your agreement. If the seller is paying for a portion of the cost, the agreement should include what the percentage, or fixed dollar amount, will be. Property taxes, and who will pay them, must be addressed. There needs to be a line item addressing recording fees.
If you are buying one house before you have actually sold another one, there must be a contingency clause in the agreement that the sale is contingent on your selling your old residence. If you don't add this to the purchase agreement, you might end up making two house payments.
Purchasing a house should be a pleasant experience. It is a chance for a new beginning. Putting everything in writing will reduce the possibility of something going badly wrong.
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