The prime home-buying season is upon us, and with it, mounds of paperwork. And, let’s be honest—a chunk of that paperwork will be devoted to the real estate purchase contract.
Here’s how you can sign on the dotted line without losing your mind.
What it is
A real estate purchase contract is a legally binding document that details the sale of the property. Details range from the basics (e.g., how much the property costs) to the specifics ( e.g., what furniture or appliances stay in the house).
How to prepare
Before you even go near the contract, do a walk-through of the property with a professional land surveyor, engineer, or experienced landowner. Call in an inspector to search for anything that might end up costing you extra money: broken gutters or gates, inadequate electrical circuits, outdated plumbing pipes, and more. Get it all down in writing and attach all building and land inspection forms to the contract.
Review the contract
Once all the paperwork is gathered and reviewed, a real estate purchase contract will be drawn up. The following are common items that appear in traditional contracts: