Before signing the purchase agreement, a buyer should carefully review and consider the following aspects to ensure they are making a well-informed decision:
- Property Details: Verify that the purchase agreement accurately reflects the property’s address, legal description, and any included fixtures or appliances. For this always hire professional real estate agent as their experience can help you save issues or expensive mistakes. Learn more at What Property Details buyers need to see before saying yes to any property in Nj? – Anil Sells Houses NJ (anilsellsnj.com)
- Purchase Price and Payment Terms: Ensure the purchase price, earnest money deposit, and payment terms are clearly stated and agreed upon.
- Contingencies:
- Financing Contingency: Confirm that the agreement includes a financing contingency, allowing you to secure a mortgage without being obligated to purchase the home if you are unable to obtain financing.
- Inspection Contingency: Make sure there is an inspection contingency that allows you to conduct a home inspection and negotiate repairs or cancel the agreement based on the results.
- Appraisal Contingency: Verify that an appraisal contingency is included, so you can back out of the deal if the home’s appraised value is lower than the purchase price.
- Sale of Current Home: If applicable, include a contingency for the sale of your current home.
- Closing Date and Possession: Check that the closing date and possession terms are reasonable and meet your needs. Ensure you have sufficient time to arrange financing, inspections, and moving.
- Seller Concessions: Review any seller concessions, such as contributions to closing costs or repairs, and confirm they are included in the agreement.
- Home Warranty: Determine if a home warranty is included or if you have the option to purchase one.
- Property Condition and Disclosures: Review any seller-provided property condition disclosures and ensure they are comprehensive and accurate.
- Title and Ownership: Verify that the seller has clear and marketable title to the property and that there are no outstanding liens or encumbrances.
- Homeowners Association (HOA): If the property is part of an HOA, review the HOA rules, regulations, fees, and any pending assessments.
- Utilities and Services: Check what utilities and services are available and included, and ensure there are no outstanding utility bills.
- Legal Review: Consider having a real estate attorney review the purchase agreement to ensure all terms are legally sound and protect your interests.
- Special Clauses and Addendums: Be aware of any special clauses or addendums, such as those addressing specific repairs, fixtures, or seller-provided items.
By thoroughly reviewing these aspects before signing the purchase agreement, a buyer can ensure they are entering into a fair and transparent transaction.
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