Include These 3 Prime Conditions in Your Real Estate Contract

If you are someone who wishes to buy a home soon then you should know that real estate isn’t all easy and smooth. It can be quite complex as there are so many things to handle before you actually shift into your dream home. Finding a good real estate professional, choosing the perfect home, the procedure of financing and lastly reaching the contract stage can all is immensely complicated and time-consuming.

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However, once you do get to the contract part, apart from including in it things like the address and the buying price of the property, here are some extras that you should make sure to include in your real estate contract:

Assistance from the seller

You must ask for it if you want the seller to pay for all or part of your closing costs. Wondering what closing costs are? They are expenses over the property price that both the seller as well as the buyer pay to smoothen out a real estate deal. You are basically asking the seller to pay some of the extra expenses when you go for ‘seller assist’.

Right for a home inspection

Never forget to include a home inspection contingency. If a particular home is found in need of expensive or large essential repairs then the inclusion of this particular clause in your contract gives you the freedom to walk away from it. Depending on where you live, this will be handled differently as different cities and states come with different laws and rules related to home inspection.

Who pays particular closing costs?

The agreement should clearly indicate which closing costs will be paid by the buyer and which will be dealt with by the seller or whether the seller or buyer pays for each of the common amounts linked with the home buy like notary fees, title insurance, title search fees, escrows fees, transfer tax, recording fees, and so on. Your real estate professional can help you here by making appropriate suggestions as to who pays each of these amounts.

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Author Resource:

James advises people about real estate, property investment and affordable housing schemes in Canada. You can find his thoughts at buying home Kamloops blog.