>> Tuesday, August 4, 2009
It might seem as though once a sale agreement has been signed that the selling process is complete. Not only is it not over yet, but some of the most complex aspects of a real estate transaction now begin. Your Realtor will be available to walk you through every step.
A sale agreement sets not only a purchase price for the home, but also a series of terms and conditions. For instance:
Financing: Contracts routinely depend on the ability of a buyer to obtain financing, which is why most sellers prefer buyers with preapproval letters from lenders.
Inspection: A growing percentage of transactions involve a home inspection, or a physical review of the home by a trained and independent observer.
Seller’s Obligations: It's important to look at the sale agreement and review your obligations. For instance, if you have agreed to paint a room or replace the dishwasher, such work must be completed before closing. Your Realtor can discuss your agreement and the steps which must be taken to complete the transaction.
Once all of the terms and conditions of the contract have been met, it’s time to close on the home and move into your new place!