When you’re looking to buy a new home, it can be exciting to think about all the ways you’ll make it your own. But if you don’t know the ins and outs of Rancho Palos Verdes homes for sale, you could end up getting yourself into a bind.
Here are seven conditions that should be included in your real estate contract:
1. Financing Terms
Make sure that both parties agree on how long the financing will take, as well as any interest rates or fees associated with it. This can have a huge effect on whether or not you actually get the property!
2. Seller Assist
If there’s anything wrong with the home when you move in, who will pay for repairs? Will it come out of your pocket, or will the seller help pay? It’s important that both parties are on the same page here so they don’t get stuck with an expensive bill at closing time!
3. Who Pays Specific Closing Costs
Most buyers assume that they’ll be responsible for paying for all closing costs, but most sellers prefer to pay some of them as well (like relocation fees). Make sure this is clear in your contract so you know what to expect before closing day arrives!
4. Home Inspection
It’s important that both parties agree on who will pay for any home inspections required by either party before finalizing their purchase agreement. Plus, this gives both parties peace-of-mind knowing exactly what they’re getting into before signing anything official!
5. Fixtures and Appliances
You may want to consider including the fixtures and appliances in your purchase agreement since they can be difficult to remove or replace. If you do, make sure they’re clearly defined in your contract so that no one has any arguments over who gets what.
6. Closing Date
Make sure you have a clear closing date on the contract so that all parties are aware of when they need to be ready for closing and can plan accordingly.
You’ve heard of the old adage, “The devil is in the details.”3
Well, when it comes to real estate contracts, you can’t afford to ignore them.
So, find an agent you trust, work with them on your contract, and get ready to enjoy the home-buying process!
If you have any questions or would like to discuss your real estate needs, please contact us.
Jonathan Ramirez began his real estate career with Keller Williams in 2015. Originally from The Bay Area, Jonathan graduated from San Jose State University in 2010 with a Bachelor’s Degree in Business Marketing. He is fluent in both English and Spanish and can’t wait to help you find your new home with The Prestige Team.