Step 5 – Make An Offer
Now that you’ve found your dream home, it’s time to make an offer. Your real estate agent will help you determine the offer price by reviewing recent sales of homes that are similar in size, quality, and conveniences and amenities. Your real estate agent will advise you on how to create an offer that will have the best chance of being accepted.
After consultation with you, your agent will create a written contract with your offer that meets all the local and national legal requirements. This document details what needs to be done by both parties to execute the transaction. It should protect the interests of both parties and will ensure your financial position as the buyer.
The contract should include, but is not limited to, the following:
Legal description of the home
Offer price
Down payment
Financial arrangements
List of fees and who will pay them
Amount of the deposit
Inspection rights and possible repair allowances
Appliances and furnishings that will stay with the property
Settlement date
Contingencies
Remember the legalities of this phase are very important. If you have any questions or concerns, be certain to address them with your real estate agent right away.
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