Buy a Home - A properly written contract sets forth the terms of the sale
and protects the interests of both buyer and seller.
The Contract
The contract specifies the terms of the sale and the rights and obligations of the buyer and
the seller. A well-written document protects both parties, while a poorly drafted contract can
cause serious problems.
Get it in Writing
Oral agreements are usually difficult or impossible to enforce, so if you've negotiated your
purchase verbally make sure to have contracts signed as soon as possible.
Attorney Review
Always make sure that any contract you sign has an attorney review clause that allows you
time (at least three business days - preferably five) to review the document and have it checked
out by your lawyer if you feel it is necessary. Many states specify a mandatory review period,
whether it is specified or not, but don't take any chances - make sure it's in writing. This
gives you the chance to make sure all bases are covered before you are committed.
Choose an Attorney or Escrow Company
In some areas it is standard practice to retain an attorney to handle the closing. In others
the norm is to have the title or escrow company handle the transaction. If you do hire an
attorney (which is a good idea), try and find someone local who specializes in real estate
closings. An experienced real estate attorney can help you move quickly to closing and sidestep
any problems or oversights. If you are using an escrow company, make sure that they have a
solid track record.
Cover All Contingencies
Make sure that the contract covers all contingencies
of the purchase and allows sufficient time for any required activities or testing (i.e. obtaining
a mortgage, home inspections, etc.). Reasonable contingencies are essential to protecting
yourself in the purchase - don't allow anyone to pressure you into skimping on due diligence.
Learn About Deeds and Title
The deed is a legal document that transfers ownership of the home. There are several types
of deed that can be used for your purchase as well as a number of special provisions that
may apply to your new home. Your attorney or escrow agent can answer any questions you have
on title and deeds.
Know Your Deposit Obligations
The contract should specify the due dates and disposition of earnest money and deposits.
Typically a small amount is posted at the signing of the contract with the balance of the
deposit (usually 10% of the purchase price) due within 1-3 weeks. Don't agree to a schedule
you cannot meet - if you need extra time to line up the funds, specify this in the contract.
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