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The Real Estate Purchase Agreement

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



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