Purchasing property, like residential property, can be an exciting time for the buyer. There are different types of home sale contracts, depending on the type of home. There are several options for financing and many types of homes. There could be multiple contracts at stake, for instance, contracts with the home builder and a contract outlining financing with the lending institution.
So, how does a buyer represent their best interests and avoid a real estate dispute? That question is best answered due to a person’s personal preferences and choices, but there are a few things a person can do and be aware of, while entering into a home sale contract. Home contracts should include certain elements. These include a list of the parties involved, description of the property, purchase price for property and with signatures, and all in writing to be enforceable.
If purchasing a home, the buyer should include a few contingency clauses or specific language should a situation arise. For example, a clause that allows the buyer to make inspections of the property for damage, pest infestations and the like. Other clauses that protect a buyer may include contingency clauses that address the proper actions, if unfavorable situations arise. For example, if the buyer cannot obtain financing by a certain date, a contingency clause could allow the seller to back out of the deal.
While this clause is understandable, the seller could have a different view of a proposed clause. This is understandable, as they will have to look out for their best interests. However, the clauses discussed above, are generally common requests from buyers. They are common in home sale contracts.
Source: RealEstate.FindLaw.com, “Home Sale Contracts,” accessed on Dec. 11, 2017