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STEP
5 - RECEIVE AN OFFER
When a buyer decides they like your home,
they will make you a written offer. Your
real estate agent will advise you as to
whether or not the prospective buyer is
qualified to purchase your home. After all,
who needs to review an offer from a buyer
that is unable to buy it?
After determining the buyer's qualifications,
you and your agent will review the written
contract, taking care to understand what
is required of both parties to execute the
transaction. The contract should protect
the interests of all parties.
After you accept the offer, it may be too
late to make any changes. The contract,
though not limited to this list, should
include the following:
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Legal description of the property
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Offer price
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Down payment
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Financing arrangements
-
List of fees and who will pay them
-
Deposit amount
-
Inspection rights and possible repair
allowances
-
Method of conveying the title and who
will handle the closing
-
Appliances and furnishings that will stay
with the home
-
Settlement date
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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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