| A real estate purchase agreement is not a
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| | for what. Are you splitting the cost of
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| rough guide to a deal. It is a contract
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| | the fee paid to the closing company? Who
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| specifying exactly what legal obligations
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| | is paying each of the other closing
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| each side has. In other words, be sure it
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| | costs. If it doesn't state in the
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| says what you want it to say, and has
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| | purchase agreement that the seller is
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| everything you need in it.
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| | paying, expect that you are.
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| Normally, if you are buying a property
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| | Financing Contingency - Unless you are
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| that is listed with a real estate broker,
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| | paying cash, you will probably have to
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| they will have a purchase agreement ready
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| | get a loan. A Pre-approval from the bank
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| to have the blanks filled in. If you have
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| | doesn't guarantee much, so be sure that
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| a buyer's agent that you work with, he or
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| | you make the agreement contingent on
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| she will have the necessary forms. There
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| | getting that loan, and specify the terms.
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| are the routine parts which are
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| | For example, it might read, "This offer
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| necessary, but not easily forgotten or
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| | is contingent on buyer obtaining a
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| done wrong. These include the following.
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| | mortgage loan within seven days, at 7.5%
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| The Date - Names of Buyer(s) and
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| | annual interest or less."
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| Seller(s) - Address Of Property - Legal
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| | Inspection Contingency - You may not need
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| Description Of Property - Purchase Price
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| | an inspection if you are buying land, but
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| And Terms - List Of Anything Included
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| | with residential real estate an
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| With Property - Date The Deal Should
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| | inspection is a good idea. Generally, the
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| Close By - Closing Process - Disclosure
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| | clause for this will allow you about a
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| Statement - Signature With Date For Buyer
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| | week or ten days to get it done. It might
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| And Seller - Addresses and Phone Numbers
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| | read something like this: "This offer is
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| Of Buyer And Seller.
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| | contingent on an inspection of the
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| These may be routine items, but be sure
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| | property at buyer's expense, and buyer's
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| that you look all of this over carefully.
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| | approval of the results of that
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| If the disclosure statement clearly
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| | inspection within seven days."
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| states that there is a foundation
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| | Other Terms, Conditions or Contingencies
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| problem, for example, you can't later get
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| | - There are sometimes other issues, and
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| out of the deal when those cracks in the
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| | you have to address them in the real
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| basement make you nervous. With the
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| | estate purchase agreement. For example,
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| following items, be especially careful.
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| | if the back yard is full of junk cars,
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| Real Estate Purchase Agreement - The
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| | you better add a clause like, "All cars
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| Crucial Items
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| | and junk to be removed at seller's
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| Good Faith Deposit or Earnest Money -
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| | expense before closing." If you are
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| Real estate agents will try to convince
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| | shopping alone but your wife needs to
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| you that your deposit should be as much
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| | approve the home, you could also add a
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| as possible. There is no "normal" amount,
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| | clause like, "Offer is subject to a
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| and while it's true that a seller might
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| | approval by spouse within two days." Then
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| take an offer more seriously with a
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| | your wife can look at the house later and
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| bigger deposit, this is up to you. Real
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| | say yes or no to the deal. As you can
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| estate is regularly bought with $500
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| | imagine, sellers may not like that one.
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| deposits. An alternative is to include a
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| | If you are not working with an agent, you
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| deposit of $200, and the line, "to be
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| | can buy an agreement (sometimes called an
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| increased to $2,000 when all
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| | "offer to purchase" or "buy-sell
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| contingencies are satisfied." That way if
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| | agreement") online or in some office
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| the inspection shows nasty surprises your
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| | supply stores. Having a lawyer review all
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| money isn't tied up while the seller
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| | the paperwork is best. Remember that a
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| argues that there isn't a problem.
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| | real estate purchase agreement is a
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| Designation Of Who Pays What - Make sure
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| | binding contract the moment you and the
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| the agreement clearly states who will pay
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| | other party sign it.
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