STEP 5 - RECEIVE AN
OFFER
When a buyer decides
they like your home,
they will make you a
written offer. Your real
estate agent will advise
you as to whether or not
the prospective buyer is
qualified to purchase
your home. After all,
who needs to review an
offer from a buyer that
is unable to buy it?
After determining the
buyer's qualifications,
you and your agent will
review the written
contract, taking care to
understand what is
required of both parties
to execute the
transaction. The
contract should protect
the interests of all
parties.
After you accept the
offer, it may be too
late to make any
changes. The contract,
though not limited to
this list, should
include the following:
-
Legal
description of the
property
-
Offer price
-
Down payment
-
Financing
arrangements
-
List of fees and
who will pay them
-
Deposit amount
-
Inspection
rights and possible
repair allowances
-
Method of
conveying the title
and who will handle
the closing
-
Appliances and
furnishings that
will stay with the
home
-
Settlement date
-
Contingencies
Remember that the
legalities of this phase
are very important. If
you have any questions
or concerns, be certain
to address them with
your real estate agent
right away.
