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.
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.
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.
Before the mortgage lender will finalize your loan, you have to get a home inspection. There is standard language in most purchase agreements giving the buyer a certain number of days to have an inspection completed and to contact the seller with any objections. If the language is in your agreement, and you find something materially wrong with the house that can't be worked out, you can void the contract.
There must be a date for the closing. You can't leave this open ended. Thirty to sixty days is the common time frame for closing, but there are things that can affect it. If you need extra time to close on your old house, or work out a lease, the time frame might be extended.
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.
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.
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.
Before the mortgage lender will finalize your loan, you have to get a home inspection. There is standard language in most purchase agreements giving the buyer a certain number of days to have an inspection completed and to contact the seller with any objections. If the language is in your agreement, and you find something materially wrong with the house that can't be worked out, you can void the contract.
There must be a date for the closing. You can't leave this open ended. Thirty to sixty days is the common time frame for closing, but there are things that can affect it. If you need extra time to close on your old house, or work out a lease, the time frame might be extended.
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.
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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