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You
and your real estate agent will then review the written
document, taking care to note what is required of both
parties to execute the transaction. The contract should
protect the best interests of all parties involved and
should be comprehensive in nature.
Once
you accept the contract, it may be too late to make
any changes. The contract, though not limited to this
list, should include the following:
· A legal description of the property
· The offering price
· The down payment
· Financing arrangements
· A list of fees and who will pay them
· Amount of the deposit
· Inspection rights and possible repair allowances
· The method of conveying the title and who will handle
the closing
· A list of appliances and furnishings which will stay
with the home
· The settlement date
· Any relevant contingencies
Remember
that the legalities of this phase are very important.
If you have any questions or concerns, be certain to
address them with your real estate agent right away.
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