| Congratulations! You have chosen your
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| | - For situations that don't have Standard
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| favorite home in your home buying
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| | Clauses or Standard addendums, then it
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| adventure. Now, you can write up the
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| | can be advisable to rely on the
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| contract or head back to the office. The
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| | experience and expertise of a good lawyer
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| following really depends on the area so
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| | and sometimes a good realtor, when as
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| check with local professionals deemed by
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| | typically allowable in many states. Be
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| local (sometimes national) governments to
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| | cautioned that a realtor is often not
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| be the appropriate professionals for
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| | trained specifically in contract writing
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| consulting and doing real estate
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| | and will often if not always be trained
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| transactions, including disclosure for
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| | to disclose this fact and of disclosure
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| appropriate professionals in all areas of
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| | to seek the appropriate professionals in
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| expertise.
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| | each field of expertise along the way
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| In most cases, you will need what is
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| | that you might need.
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| called Earnest Money. A personal check,
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| | - A lawyer or in areas where admissible,
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| cashiers check or cash, typically in the
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| | a realtor or local deemed professional
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| amount of 1% of the purchase price
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| | can help in writing a contract and in
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| (depends upon the area), which is
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| | negotiating offers. The right
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| deposited into the brokerage trust
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| | professional will make sure you are
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| account or a title company (depends upon
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| | represented on paper well... this is the
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| the area), and credited to your purchase
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| | hallmark of good representation. The
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| (may depend upon the area) upon
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| | hallmark comes from the historically
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| successful closing of this transaction.
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| | supported law adopted by almost all the
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| Standard Real Estate Purchase Contract
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| | states taken from England called the
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| Several elements can be included during
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| | statutes of frauds. This grand maxim
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| your written contract. One good piece of
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| | says that "if it is not in writing it
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| advice would be to use the standard Real
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| | does not exist". As such, it should be
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| Estate Purchase Contract that is used for
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| | noted that a good lawyer or realtor will
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| your state. Local governments and
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| | push for even minor details to be on
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| appointed agencies governing those
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| | paper.
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| applicable contracts will have a large
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| | - Your offer is presented, negotiated and
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| body of law and wisdom governing
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| | upon "complete agreement between the
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| transactions in each particular state.
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| | parties in writing about the purpose and
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| If you draft your own contract, rather
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| | terms of the contract" and "communication
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| than using the state sponsored ones, you
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| | back to the party making the offer ", the
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| may be really going out on a limb by
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| | contract becomes binding. The definition
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| using something that is not proven to
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| | of "Acceptance" and the type of
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| avoid problems.
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| | "Communication" needed in order to make
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| - Another thing to remember, involves
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| | it a valid and binding contract, may vary
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| situations falling outside the normal
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| | depending on state or county definitions
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| used contracts, but still common enough
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| | and laws. So, consult with your
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| that the governing body, used to help in
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| | appropriate local professionals.
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| the formulation of addendum writing or
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| | Now that you have an accepted offer, some
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| additions to the standard contracts, has
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| | tasks lie in front of you to keep you in
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| come up with Standard Clauses or
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| | the keeping of your contract. These
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| 'Standard Addendums'. In such instances,
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| | tasks or detailed steps may vary from
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| it has often turned out to be very
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| | state to state or county, but usually
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| protective to use the language governed
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| | include the following: Application for a
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| by each state, rather than making up your
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| | Loan, Sellers Disclosures, Escrow/Title
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| own language that when checked in a legal
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| | Co. Coordination, Deadlines and events to
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| sense, is full of all kinds of ambiguity
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| | include Evaluations & Inspections,
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| and inconistency. You may even have
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| | Settlement Deadline, Closing and final
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| misunderstandings thinking the other side
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| | Taking of Possession. Your realtor
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| knows what you are saying, when they are
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| | lawyer can help guide you through all of
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| reading a whole different scenario into
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| | the deadlines, responsibilities,
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| what you have written. Having the
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| | inspections, and disclosures towards a
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| appropriate realtor or lawyer, depending
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| | smooth, seamless and successful
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| on which is required for each state can
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| | settlement and closing of your home
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| help you know what these clauses and
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| | purchase!
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| addendums are.
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