Buying a house is a legal transaction. You don't want to do anything to jeopardize it. That's why it's so important that all aspects of the transaction be stated plainly in the purchase agreement. Things like inspections, closing dates, closing costs, fixtures, financing, and any provision for selling an existing home must be included. You can download Kansas residential real estate contract forms to familiarize yourself with the kind of terms and conditions you will see in yours.
Unless you have the cash to pay for the house in full at closing, you will need to get approved for financing. You can't get final approval until all the requirements of the mortgage lender have been met. Because of that the purchase agreement you sign must be contingent on your getting financing at a particular interest rate. This is important even if you have been pre-approved for a loan.
Anything that is not permanently affixed to the property is subject to be removed by the seller prior to the closing. You should never assume anything when it comes to buying property. If you don't stipulate that you want the chandelier in the dining room to stay with the house, you won't be able to do anything when the seller dismantles it and takes it with him. If you want the fixtures and appliances, your agreement must say so.
In order to get financing for your new home, a home inspector will have to go through it and submit a written report to you and the lender. There is standard language in most purchase agreements that gives the buyer a certain amount of time to inspect the property and raise any objections if undisclosed defects are found. If your inspector finds a major problem, and you can't work something out with the seller, you have the option of walking away from the deal.
There must be a closing date in the contract. It doesn't have to a specific date. It can be on or before a certain date, but it cannot be open ended. A residential sale can usually be finalized in thirty to sixty days. If you think you will need extra time to close on your current house, or get out of a lease, you can request a closing extension.
Who pays the closing costs is something else that has to be in an agreement. When you are requiring the seller to pay for certain items, it must be stated in the agreement. This should either be a percentage of the purchase price or a fixed dollar amount. Contracts need to state whether or not the taxes will be prorated and who is paying for the recording fees.
If you are still trying to sell your current house, and have another one under contract, a contingency must be included in the purchase agreement. You need to make the agreement contingent on your selling your old house before a closing on the new one can occur.
Purchasing a house should be a pleasant experience. It is a chance for a new beginning. Putting everything in writing will reduce the possibility of something going badly wrong.
Unless you have the cash to pay for the house in full at closing, you will need to get approved for financing. You can't get final approval until all the requirements of the mortgage lender have been met. Because of that the purchase agreement you sign must be contingent on your getting financing at a particular interest rate. This is important even if you have been pre-approved for a loan.
Anything that is not permanently affixed to the property is subject to be removed by the seller prior to the closing. You should never assume anything when it comes to buying property. If you don't stipulate that you want the chandelier in the dining room to stay with the house, you won't be able to do anything when the seller dismantles it and takes it with him. If you want the fixtures and appliances, your agreement must say so.
In order to get financing for your new home, a home inspector will have to go through it and submit a written report to you and the lender. There is standard language in most purchase agreements that gives the buyer a certain amount of time to inspect the property and raise any objections if undisclosed defects are found. If your inspector finds a major problem, and you can't work something out with the seller, you have the option of walking away from the deal.
There must be a closing date in the contract. It doesn't have to a specific date. It can be on or before a certain date, but it cannot be open ended. A residential sale can usually be finalized in thirty to sixty days. If you think you will need extra time to close on your current house, or get out of a lease, you can request a closing extension.
Who pays the closing costs is something else that has to be in an agreement. When you are requiring the seller to pay for certain items, it must be stated in the agreement. This should either be a percentage of the purchase price or a fixed dollar amount. Contracts need to state whether or not the taxes will be prorated and who is paying for the recording fees.
If you are still trying to sell your current house, and have another one under contract, a contingency must be included in the purchase agreement. You need to make the agreement contingent on your selling your old house before a closing on the new one can occur.
Purchasing a house should be a pleasant experience. It is a chance for a new beginning. Putting everything in writing will reduce the possibility of something going badly wrong.
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