There probably aren’t too many activities that are more complicated than purchasing property nowadays. Long gone are the one page home purchase contracts. The combination of most purchase contracts, addendums, disclosures, lending paperwork, inspections, title and escrow documents would make a book the size of Gone With the Wind look like a pamphlet in comparison.
Professional Real Estate Agents, Brokers and Associate Brokers keep up on the sales and prices for each neighborhood where they work. Many times that latest information on homes that have sold and closed is not available to the public right away. The ‘sold’ price is the price you want to see before putting your home on the market or making an offer on a home.
There can be many variations for each purchase contract:
Price offered/price accepted
Amount of deposit/earnest money
Which inspections does the buyer need to pay for?
Which inspections does the seller need to pay for?
Who pays for the repair work?
Who pays the agent/broker/associate broker?
What are the time periods for the inspections?
When do financing arrangements need to begin?
How do “contingencies” slow down the sale?
How is the itemization of fees associated with the sale determined?
What is an ‘arbitration clause for dispute resolution” and/or liquidated damages clause?
What happens if an offer is ‘countered’ or if you should ‘counter’ an offer?
When does the offer become legally binding?
How can a Real Estate Agent, Associate Broker or Broker protect you when purchasing a home in a new home subdivision.
What is the difference in purchasing a lot to build a custom home and purchasing a semi-custom home that is already complete?
Are there different considerations when purchasing residential income property?
How and when do I set-up my 1031 exchange on my income property that I have on the market?
With all that one must understand in today’s real estate market, it just makes sense to talk to a Real Estate Professional.