Here Are 4 Essential Items You Should Have On Your Real Estate Contract
Property law can be confusing for the average person. Compared to everything else, buying or selling a home is certainly one of the most complicated transactions you’ll ever undertake. As long as you do a little research beforehand, know who to talk to, and have a secure real estate contract, however, the process should go much smoother than you anticipated.
There are a few important conditions that should be included in just about every real estate contract.
Once you’ve entered into a purchasing contract, your closing date or a number of days until closing should be specified. In California, the average time is about 40 days to close, and the national average is within four to ten weeks.
It’s important to note that just because a closing date might seem too far away, that doesn’t mean you should panic. In fact, you should do just the opposite. Buying or selling a house can be very stressful because of everything else that you have to worry about on top of the purchasing contract. With a closing date a month or two down the road, it’ll give you and your family plenty of time to plan for the next step in your move.
According to the National Association of Realtors, 77% of homebuyers have an inspection done before completing the home purchase. This avoids any unwanted surprises once you and your family move in and it’s too late to back out. With a home inspection done before the purchase, you’ll be able to walk away from the deal if any significant damage is apparent that was otherwise hidden.
It’s important to have every necessary piece of financial information on the contract to avoid any confusion and prevent any issues. For instance, you’re most likely going to need to obtain a mortgage. You should have that information on the contract to let all parties involved know that your offer could change depending on interest rates for your financing.
When it comes to appliances, verbal agreements are most often used, but a lot of problems can result from these types of handshake deals. Specify everything in the contract that you want or do not want to be in the deal. Just because the seller mentioned to you that they’d throw in the stove, oven, dishwasher and washing machine, that doesn’t mean they actually will when it’s time to sell.
If you need assistance from a professional real estate law firm, contact DiJulio Law Group today to learn more about real estate contracts.