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Buying a house is a legal transaction. You don't want to do anything to jeopardize it. That's why it's so important that all aspects of the transaction be stated plainly in the purchase agreement. Things like inspections, closing dates, closing costs, fixtures, financing, and any provision for selling an existing home must be included. You can download Kansas residential real estate contract forms to familiarize yourself with the kind of terms and conditions you will see in yours.
Most likely you will have to get a loan to buy your house. If so, making the purchase agreement contingent on your ability to get the financing at a specific interest rate is very important. Before you even get to the point of making an offer on a piece of property, you should have already filled out a loan application and gotten pre-approved for a certain amount of money.
If something is not permanently fixed to a piece of property, the seller can remove it before the closing unless you stipulate in the agreement that it is to stay. You might be unpleasantly surprised to learn that the chandelier you loved in the house you're buying is gone because leaving it there was not a condition of the sale. In a real estate transaction, you should leave nothing to chance. If you want the appliances and fixtures to remain, it must say so in your 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.
There must be a closing date in the contract. It doesn't have to a specific date. It can be on or before a certain date, but it cannot be open ended. A residential sale can usually be finalized in thirty to sixty days. If you think you will need extra time to close on your current house, or get out of a lease, you can request a closing extension.
You must outline who is paying for what toward the closing costs. If you have negotiated for the seller to be responsible for a portion of the costs, it has to be in the purchase agreement. The amount the seller pays should be a percentage of the total cost or a specific dollar amount. Who is paying the taxes, or if they will be prorated, must be included in the agreement.
If you are still trying to sell your current house, and have another one under contract, a contingency must be included in the purchase agreement. You need to make the agreement contingent on your selling your old house before a closing on the new one can occur.
Getting a new house is exciting. It's a chance to start fresh in new surroundings. You can ensure the sale goes smoothly by putting everything in writing.
Most likely you will have to get a loan to buy your house. If so, making the purchase agreement contingent on your ability to get the financing at a specific interest rate is very important. Before you even get to the point of making an offer on a piece of property, you should have already filled out a loan application and gotten pre-approved for a certain amount of money.
If something is not permanently fixed to a piece of property, the seller can remove it before the closing unless you stipulate in the agreement that it is to stay. You might be unpleasantly surprised to learn that the chandelier you loved in the house you're buying is gone because leaving it there was not a condition of the sale. In a real estate transaction, you should leave nothing to chance. If you want the appliances and fixtures to remain, it must say so in your 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.
There must be a closing date in the contract. It doesn't have to a specific date. It can be on or before a certain date, but it cannot be open ended. A residential sale can usually be finalized in thirty to sixty days. If you think you will need extra time to close on your current house, or get out of a lease, you can request a closing extension.
You must outline who is paying for what toward the closing costs. If you have negotiated for the seller to be responsible for a portion of the costs, it has to be in the purchase agreement. The amount the seller pays should be a percentage of the total cost or a specific dollar amount. Who is paying the taxes, or if they will be prorated, must be included in the agreement.
If you are still trying to sell your current house, and have another one under contract, a contingency must be included in the purchase agreement. You need to make the agreement contingent on your selling your old house before a closing on the new one can occur.
Getting a new house is exciting. It's a chance to start fresh in new surroundings. You can ensure the sale goes smoothly by putting everything in writing.
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