The Buying Process What Steps Do I Take Step 6

Putting Pen to Paper (so to speak)

This is usually the time when some buyers become a little nervous. This is a big purchase and when you see it in black and white it can be a little unnerving for some.

The first page of the contract is the one where you will probably spend the most time going over with your Realtor. Here you:

1. Set the offer price
2. Indicate the amount of earnest money you are putting down.
3. Set the escrow time period (if you want to)
4. Set the time frame for loan and appraisal contingencies

I won't bore you with all the legalese that is in the contract as a whole but there are some other very important aspects to the contract that you will want to be aware of:

1. The inspection contingency time frame. During the inspection time frame you may have an inspector who will perform a general home inspection and you may also want to have a foundation inspection, sewer lateral inspection, chimney inspection, and roof inspection. It will all depend on what information you were given by the seller and what kind of information you want to know about the house.

During this time frame you are also are to check out the neighborhood. Are you comfortable with the neighborhood? I always suggest driving by the new house at various times of the day and night.

If you are purchasing a condo this is the time frame when you will look over the HOA documents to check to see if there have been any issues with the building, if there are any special assessments, what kind of rules and regulations they have.

With your offer you will also probably include a list of disclosures that you will need to sign. There are some disclosures that will be specific to which city you are looking to purchase property and if the listing agent of the property has provided any disclosures regarding the property.

I will have a blog that discusses disclosures in detail so keep an eye out for that one.

Now that you have everything signed, and a check written, it is time to get the offer over to the seller to see what happens!!

If you have any questions or comments you can contact me at lcartolano@apr.com or at 510.213.1139.