When you're buying a house, you want to make sure to get everything right. In order to do that, every aspect of your agreement with the seller must be included in the purchase contract. Items like financing, fixtures, inspections, closing dates and costs, and provisions for selling an existing home have to be included and clearly stated. If you are downloading Kansas residential real estate contract forms, for instance, to get some idea of what you will be expected to sign, you need to keep these conditions in mind.
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.
Anything that is not permanently affixed to the property is subject to be removed by the seller prior to the closing. You should never assume anything when it comes to buying property. If you don't stipulate that you want the chandelier in the dining room to stay with the house, you won't be able to do anything when the seller dismantles it and takes it with him. If you want the fixtures and appliances, your agreement must say so.
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.
When you have signed a contract on a new house, and still have to sell your old one, that needs to be included in your agreement. You should make the sale contingent on your ability to sell your current residence. Otherwise, you could end up with two house payments.
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.
Anything that is not permanently affixed to the property is subject to be removed by the seller prior to the closing. You should never assume anything when it comes to buying property. If you don't stipulate that you want the chandelier in the dining room to stay with the house, you won't be able to do anything when the seller dismantles it and takes it with him. If you want the fixtures and appliances, your agreement must say so.
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.
When you have signed a contract on a new house, and still have to sell your old one, that needs to be included in your agreement. You should make the sale contingent on your ability to sell your current residence. Otherwise, you could end up with two house payments.
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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