| A real estate contract is a confusing thing | | | | be removing from the house when they move. |
| to view if you have need seen one before. | | | | The details of the closing should also be |
| These are the documents that have every | | | | listed, when and where it will happen and |
| detail of a home sale and purchase listed on | | | | under what conditions. |
| them. These contracts contain a number of | | | | |
| different categories and it is important to | | | | Other important details that will be listed |
| read over these documents in detail. This | | | | on a contract include any warranties on parts |
| will familiarize you with all aspects of the | | | | of the home. Usually this applies to things |
| sale and ensure that you are educated on the | | | | such as a "New Home Warranty," or usually the |
| purchase or sale of your home. | | | | roof is warranted as well. Many homes utilize |
| | | | wells or septic tanks, these must be tested |
| A typical sales contract will contain the | | | | and pass the testing and be listed on the |
| following important information: | | | | contract. A well written contract will also |
| | | | include information such as the date of |
| A description of the property involved. This | | | | possession once sold, and how long the |
| should cover all aspects of the property | | | | sellers have to respond to offers during the |
| including the address. It will detail the | | | | sale process. Of course, the contract must |
| selling price, and any subjects that were | | | | also detail the process of arbitration if |
| involved in the sale. This includes such | | | | necessary, the insurance that will cover the |
| things as financing and inspections. It will | | | | home during the sale and and property |
| also hold information about the mortgage such | | | | disclosures related to the home in question. |
| as the amount and term and the rate of the | | | | |
| mortgage itself. Deposit information should | | | | Remember, your Realtor is a skilled |
| also be detailed in the contract. The amount | | | | individual when it comes to understanding and |
| of the deposit and where it will be held is | | | | interpreting these contracts. Do not be |
| extremely important. The next item of concern | | | | afraid to ask questions and inquire about any |
| should list what is and what is not included | | | | aspect of the contract that is of concern to |
| in the sale. This applies to things such as | | | | you. It is your Realtors job to ensure that |
| window dressings, appliances and fixtures and | | | | these contract issues are understood by you |
| anything else that the previous owners will | | | | at all times. |