Tips for Crafting the Best Purchase Offer for [Profile.market2] Property, by [Profile.market2] Real Estate Expert Steve Edwards

Home

0 votes

May 14, 2009, by in Tips for Home Buyers

Once you've found piece of [Profile.market2] real estate that you like, the next step is the purchase offer. Buyers are oftentimes intimidated by what seems to be a complicated legal document. In reality, the purchase offer is much simpler once it's explained and properly understood. In this article, weíll give a brief overview of the purchase offer process, including the most important clauses to include in your purchase offer.

The purchase offer in Port Angeles WA. is a binding legal document that covers all the details of the sale. It includes the sale price, contingencies, financing details, closing costs, repairs needed, closing date and a lot more.

The selling price is obviously the most important factor in a purchase offer. However, the clauses you include in your purchase offer are also vitally important. The clauses or contingencies in the contract are what protect you from making a purchase before you have all the information you need.

Some of the more important clauses to include in your contract are:

1) The Inspection Clause

On any property in Port Angeles you put an offer on, this is an absolute must. This clause states that as the buyer, you have the right to inspect the property. The offer is contingent on your approval of the results of the inspection.

2) The Financing Clause

If you didn't have the financing clause and you backed out of the contract because you didnít qualify for your loan, you would lose your deposit. The financing clause basically says that the contract is contingent on you getting the loan you're applying for.

3) Contract Assignment Clause

For real estate investors, this is an important clause. This gives you the right to flip the deal to other investors or get other people involved if necessary. Basically, this clause removes you from being the only person who can close the deal.

These are some of the most common and most important clauses in a typical Port Angeles real estate purchase contract. Although the legal language in the contract can be intimidating, just realize that all the document is meant to do is protect the buyer, seller and their agents by covering every possible point before the purchase.

If you’re considering an agent in the Port Angeles Washinigton area, it’s important to work with someone who’s experienced and knows the local area. If you don’t already have an agent, feel free to give me a call for a free consultation on buying or selling your home. I can be reached at 360-809-3064 anytime or email me at steveedwards@olypen.com