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Considering the ContractConsidering the Contract
Money, people and the law are primary elements in any real estate sales contract. A valid real estate contract must be in writing and must have been freely offered by the buyer and accepted by the seller. All parties to the contract must be legally competent to do business. Money or other valuable consideration must be exchanged for title to the property.
Keep in mind that if things go wrong, the buyer could require you to sell your home to him or pay damages. You should be familiar with the terms of any contract you give to a would-be purchaser.
Consider the contract as a whole. Is it slanted in favor of the buyer? If so, consult with your attorney about making changes. Analyze the document as a series of paragraphs or clauses, each written to benefit one party or the other. Carefully evaluate them one by one.
Key Elements of the Contract
Price and terms
If an insultingly low offer comes your way, remain cool until you've examined the terms. Nothing evokes a more emotional response than a low bid. Be realistic and objective because most properties don't bring full price anyway. Don't use price alone as a reason not to counter or negotiate. A first offer may reveal what's most important ? price or terms ? to this particular buyer, giving you the key you need to begin bargaining.
Condition of home and inspection
The purchaser should have the opportunity to have your home inspected for soundness of construction and state of repair. Include all mandatory and voluntary disclosure statements concerning the condition of the property including known defects in the contract.
Watch what you guarantee. Occasionally, a purchaser asks a seller to guarantee that the roof won't leak, the heating system won't go out or any number of other such assurances. Don't do it. Once you have sold the property you are no longer responsible for it.
Response deadline
You'll be asked to respond to a contract offer within a specified timeframe - say, one or two days. Try to get as long a response time as possible. You may get other offers and you'll want to buy time to review them and perhaps use one offer to increase another.
Settlement date and occupancy
If you're selling your home because you have another under contract, seek a settlement date that will enable you to take your sales profits to the next closing. Be realistic; the buyer of your home will probably need at least 30 to 50 days to arrange financing and come to closing.
Finalizing
Everything in the offering contract is negotiable. Decide what is important and what doesn't matter that much to you. Changes can be inked in over or next to language on the contract, or a new contract can be drawn from scratch.
When everyone has agreed to the terms, initialed the changes and signed the contracts, you've got an agreement binding on all parties. All that remains is the removal of contingency clauses, arranging of financing, clearing of title and other steps on the road to settlement.
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(732) 779-1969 Fax (732) 830-4162 Office (732) 793-1100 x213 RE/MAX Real Estate Ltd.
406 Grand Central Ave.
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