Buying or selling a home can become extremely nerve racking and most of the time clients are looking to their agents for guidance, thats what we're here for. However, my father always told me, "Know what you're doing before you do it." which is why I always advise my clients to take any form of paperwork I am requesting they sign to an attorney. The law only allows us Realtors the ability to "fill in the banks", and not under any circumstance are we able to fully review the contract with you or give legal advice. When you enter a purchase agreement/contract on a property, you are entering a LEGAL BINDING DOCUMENT. I cannot express more to my clients the importance of understanding this factor because buying a home is a big deal. Now don't let this scare you away from home buying but instead let it prepare you!
Before submitting or accepting an offer be sure to double check the:
- Offer amount
- Escrow deposit amount
- Deadline by which the offer expires
- Inspection time frame
- Projected close date
- Seller concessions
- Details about property taxes, title fees, and surveying
- Any other contingencies
Buyer questions to ask your Realtor:
- What will my property taxes be?
- Is this home in a flood zone?
- What will be my estimated closing costs?
- Can I back out of the sale and if so will I lose my escrow deposit?
- What year is the age of the Roof, Plumbing, Electrical system, and A/C?
- If there have updates/upgrades, are there pulled permits?
- What is the difference between a Residential Contract for Purchase and an AS-IS Contract?
Another thing I cannot stress enough to anyone purchasing or selling a home....get a SELLER'S DISCLOSURE!!!! Buyer's, if your agent isn't already on top of this, make sure you view one. Seller's, if your list agent hasn't asked you to fill one out, be pro-active and ask to do so. A Seller's Disclosure is a form disclosing the sellers knowledge of the condition of the property. A sellers disclosure helps protect the buyer from defects or problems with the subject property, giving the buyer a heads up on any needed repairs. Seller's, not only does this build trust with a potential buyer but it also provides a barrier for you when something comes up on an inspection report that you genuinely didn't know about.
Buying or selling a home doesn't have to be a nightmare, just know what you're doing before you do it. Do your own research, ask tons of questions, and take everything step by step. If there is something I did not cover please feel free to email me at Bamsellsocala@gmail.com or call (352)-840-3079.