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Home & Garden

What to look for in your real estate contract

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You’ve found the house of your dreams and you’re ready to make an offer.

Next step: Paperwork. Your contract is all important. There are certain elements you need to make sure are in the contract, like the terms of financing your new home. The vast majority of people finance their home through a mortgage. Investopedia advises that your purchase offer should clearly state that your offer is contingent on obtaining financing at a specified interest rate. Don’t offer a higher interest rate than you can afford, or you could lose your earnest money.

Specify if you need an FHA or VA loan, or if you’re paying cash, adds Investopedia. Also, if you want the seller to foot the bill for all or part of the closing costs, this must be included in the contract, as well as who will pay escrow fees, title search fees, tittle insurance, notary fees, recording fees and transfer tax.

Your offer should include a home inspection clause that lets you out of the deal if the home inspection uncovers the need for expensive repairs. Include if you want any fixtures or appliances presently in the home, adds Investopedia.

Setting a closing date is also important, taking into consideration that the seller might need time to find a new home or that you may have a lease to fulfill, or a possible deadline to relocate for your job.

Your contract should also include a contingency clause if you must sell your current home in order to buy your dream home. That’s usually from 30 to 60 days, says Investopedia.

Finally, you should rely on your real estate broker or agent to walk you through the paperwork,

ReMax Real Estate Concepts

120 N 2nd Avenue West

Newton, IA 50208

641.521.1047

www.juliegvrose.com