FREQUENTLY ASKED QUESTIONS BY HOME BUYERS
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Do I need an agent?
No, when looking to buy a home do not enter into a verbal or written contract with any agent. We believe that potential buyers can find the home they need more effectively themselves. Specify to agents that a commission will be paid only if that agent has shown you the property purchased. This allows you to look at properties that are listed with other agents and properties that are listed privately. -
Where do I obtain a purchase and sale agreement?
If a home is listed privately, the home seller may have the proper documentation. Simply ask the seller for the form. Contact your lawyer before placing an offer on any property. -
What does a Real Estate Agent Do?
A Real Estate Agent acts as a middle person in real estate transactions. An agent will make appointments to see properties you have selected. They help you locate property and determine its value. They help insure all documentation is prepared and correspond with all professionals along the way. The also offer valuable advice to help avoid delays and/or deal with problems that cause them. -
What should a purchase and sale include?
A purchase agreement must state the terms and conditions of what must occur before the property changes hands. The agreement should state the date of closing, what personal items are included in the sale, who pays for appraisals, property inspections, surveys and financing arrangements. -
What are closing costs and how much will they cost?
Closing costs are usually between 2% - 2.5% of the purchase price. They include title searches, taxes, lawyer fees, loan fees and interest adjustments. Don't forget to ask your lawyer to explain all closing costs to you so that you will not be surprised on the closing date. -
What can cause a closing to be delayed?
Delayed closings are often due to financing documentation, title searches or simply the amount of documentation and paper work required to close a real estate transaction. Moving is stressful under the best conditions. Anticipating a delay, and planning for a delay, is your best insurance. -
How do I get out of a real estate purchase contract?
When you enter into a purchase and sales agreement, you sign a legally binding agreement.
Most purchase contracts have contingencies. These conditions have to be satisfied for the sale to go through. Don't make the mistake of assuming that because the purchase and sale agreement has conditions that you have a way out. An element of most real estate transactions is the agreement to act in good faith.
If you back out of this agreement, you could lose your deposit and run the risk of being sued by the vendor or the property. Before you take any steps to back out of the deal, call your lawyer immediately. Unless you are unable to satisfy the conditions of the sale, you will proceed.
REAL ESTATE FORMS
Agreement of Purchase & SaleAppendix A
Counter Offer
Residential Data Sheet
Schedule A
