Buying a house is a big deal, and it's a legal transaction. You can't afford to get anything wrong. To ensure that, every facet of the agreement you have with the seller has to be included in your purchase contract. The terms regarding financing, inspections, fixtures, contingencies for selling an existing residence, and closing costs and dates must be included and stated precisely. If you intend to download Kansas residential real estate contract forms, to get an idea of what you will be signing, you should keep these terms in mind.
Unless you have the cash to pay for the house in full at closing, you will need to get approved for financing. You can't get final approval until all the requirements of the mortgage lender have been met. Because of that the purchase agreement you sign must be contingent on your getting financing at a particular interest rate. This is important even if you have been pre-approved for a loan.
Anything that is not permanently affixed to the property is subject to be removed by the seller prior to the closing. You should never assume anything when it comes to buying property. If you don't stipulate that you want the chandelier in the dining room to stay with the house, you won't be able to do anything when the seller dismantles it and takes it with him. If you want the fixtures and appliances, your agreement must say so.
In order to get financing for your new home, a home inspector will have to go through it and submit a written report to you and the lender. There is standard language in most purchase agreements that gives the buyer a certain amount of time to inspect the property and raise any objections if undisclosed defects are found. If your inspector finds a major problem, and you can't work something out with the seller, you have the option of walking away from the deal.
There must be a date for the closing. You can't leave this open ended. Thirty to sixty days is the common time frame for closing, but there are things that can affect it. If you need extra time to close on your old house, or work out a lease, the time frame might be extended.
How the closing costs are going to be handled should be in your agreement. If the seller is paying for a portion of the cost, the agreement should include what the percentage, or fixed dollar amount, will be. Property taxes, and who will pay them, must be addressed. There needs to be a line item addressing recording fees.
If you are still trying to sell your current house, and have another one under contract, a contingency must be included in the purchase agreement. You need to make the agreement contingent on your selling your old house before a closing on the new one can occur.
Buying a house is exciting. It's a new beginning and a chance to start fresh. As long as you are careful and put everything everything in writing, you should be just fine.
Unless you have the cash to pay for the house in full at closing, you will need to get approved for financing. You can't get final approval until all the requirements of the mortgage lender have been met. Because of that the purchase agreement you sign must be contingent on your getting financing at a particular interest rate. This is important even if you have been pre-approved for a loan.
Anything that is not permanently affixed to the property is subject to be removed by the seller prior to the closing. You should never assume anything when it comes to buying property. If you don't stipulate that you want the chandelier in the dining room to stay with the house, you won't be able to do anything when the seller dismantles it and takes it with him. If you want the fixtures and appliances, your agreement must say so.
In order to get financing for your new home, a home inspector will have to go through it and submit a written report to you and the lender. There is standard language in most purchase agreements that gives the buyer a certain amount of time to inspect the property and raise any objections if undisclosed defects are found. If your inspector finds a major problem, and you can't work something out with the seller, you have the option of walking away from the deal.
There must be a date for the closing. You can't leave this open ended. Thirty to sixty days is the common time frame for closing, but there are things that can affect it. If you need extra time to close on your old house, or work out a lease, the time frame might be extended.
How the closing costs are going to be handled should be in your agreement. If the seller is paying for a portion of the cost, the agreement should include what the percentage, or fixed dollar amount, will be. Property taxes, and who will pay them, must be addressed. There needs to be a line item addressing recording fees.
If you are still trying to sell your current house, and have another one under contract, a contingency must be included in the purchase agreement. You need to make the agreement contingent on your selling your old house before a closing on the new one can occur.
Buying a house is exciting. It's a new beginning and a chance to start fresh. As long as you are careful and put everything everything in writing, you should be just fine.
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