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