Home Selling Contract

When you've received an offer on your home that’s for sale, it’s time to look at the contract. Since it’s the document that will supposedly end the process, it’s very important for homeowners to understand the components of a real estate contract. Remember, contracts are negotiable, so understanding them can put you in a better position for negotiation.

Although not all home selling contracts follow the same standard, most of them should answer the following questions:

• What’s being sold? A description of the property.
• How much is it?
• What is the mortgage contingency? What is the mortgage rate?
• How much will the deposit be and whom will it be given to?
• When and where is the closing?
• What is included and what is excluded from the sale?
• What kind of inspections (whole house, termite) will need to be done?
Who will be paying for these inspections?

Once again, remember that familiarizing yourself with these points will prove useful for understanding all of the legalities. The tough job comes after understanding the home selling contract. The most important thing you can do is let your real estate agent, as the professional, guide you through the contract process.