When buying a home in any market you will always want to make certain conditions part of your contract. These clauses or conditions are inserted into the offer to ensure your protection and to protect you in case anything unexpected comes up.
Hopefully you are using a real estate professional when you are shopping around to buy a home. Most of the homes you are going to look at while searching are ones that are on the MLS system.
Also Read: 6 Steps To Prepare Your Home For Listing
When you are ready to purchase a home and you want to submit an offer to purchase with an agent you will want them to insert certain clauses to protect you. These clauses in your offer will vary depending on your situation.
For instance, if you have a home to sell or not. If this is the case then you will have conditions in your offer that will protect you.
Let’s just say you are a first time buyer. What types of clauses or conditions should you have in your offer?
Financing clause is extremity important unless you have the cash on hand ready to purchase. Many times you may think you will qualify for a mortgage but something in your past says otherwise. You always want the financing clause in your offer.
Getting a home inspection on a house is certainly an important thing to do. In order to ensure the seller will grant you access to the home for the inspection you will have to get put that in your offer.
If you want to get a mortgage for the home one of the conditions to the mortgage will probably be that the home is insurable. Sometime an insurance company will want to see the home inspection report to grant you insurance. This is why you need this condition in your offer.
Final Walk Through
You want to get one final walk through before the closing of your new home. This condition will allow you to see the home after they have moved out and it is vacant waiting for you to close. Getting this in writing is essential if you want certainty that you will be able to go through the home to inspect for any damages.
With these 4 conditions in your offer to purchase a home you should be in a great position to buy a home safely and successfully. Of coarse you always want to contact a real estate agent or lawyer before making your offer.
These examples are meant for a guideline and the final decision ultimately is between you and your team of real estate professionals.