What to Include When Making An Offer

    Mortgage-documents

    Most people think they don’t need a realtor when buying a home.  The cost is usually covered by the seller, but if you still insist on going it alone then there’s a few things you should remember.  Here is a list of what to include when your making your offer.

    • Address and sometimes a legal description of the property
    • Sale price
    • Terms—for example, this is an all-cash transaction, or the deal is subject to you obtaining a mortgage for a given amount.
    • Seller’s promise to provide clear title (ownership)
    • Target date for closing (the actual sale)
    • Amount of earnest money deposit accompanying the offer—whether it’s a check, cash or a promissory note—and how the earnest money will be returned to you if the offer is rejected (or kept as damages if you back out of the deal for no good reason)
    • Method by which real estate taxes, rents, fuel, water bills and utilities are to be adjusted (prorated) between buyer and seller
    • Provisions about who will pay for title insurance, survey, termite inspections and the like
    • Type of deed that will be granted
    • Other requirements specific to your state, which might include a chance for attorney review of the contract, disclosure of specific environmental hazards or other state-specific clauses
    • A provision the buyer may make a last-minute walk-through inspection of the property just before the closing
    • A time limit (preferably short) after which the offer will expire
    • Contingencies

    If you still have questions or concerns contact Helen today at 847.967.0022 or helen@helenoliveri.com.

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