Today, we focus on the last point on this list. We will look at the different types of sales contract terms that can be added to a real estate contract and why they are so important to you as a home buyer. This book is filled with tips, tricks, checklists and recommendations that will help you become competent and confident when dealing with buying or selling your property. If you plan to buy your home with a mortgage, you`ll want to choose the financing setup. This eventuality gives you time to apply for a loan and get to buy the house. It states that if for any reason you cannot obtain financing, you have the right to seek alternative sources or withdraw from the sale. Any good real estate agent will order their buyer to plan the inspection fee, as this is one of the best protections a buyer has. The idea is that in the end, they don`t want to pay too much for a home that has hidden flaws (or at least isn`t obvious to the inexperienced eye). When buying a home, a buyer needs to understand that they are paying for an inspection, because it is the inspector who works for you, not the seller. The inspection section of the sales contract gives the buyer a period of time to have the home examined for significant defects and safety issues and determine if they want them to be corrected by the seller. This is what we call another “buyer/seller negotiation process” in the transaction. The buyer may require that certain items be repaired or addressed, and the seller may renegotiate.

A good listing agent has prepared the sellers for this part of the transaction, so the seller should be ready to correct any major deficiencies found during the inspection. In rare cases, the buyer may find that the house is in such poor condition that he can terminate the sales contract with mutual authorization and have his serious money refunded. Our experience is that if both parties are reasonable, this can be worked out to the satisfaction of both parties. Remember that if a buyer waives the right to inspect, you are back at “Buyer attention”. Inspection and title capacities can also be reduced to a minimum. Many sellers have their homes inspected and repaired before putting them on the market. Look for those. If not, you may want to visit newer homes that might have fewer problems. But even the best-built homes will likely have problems. If you want to protect yourself from having to make expensive repairs after purchase, you need to keep the inspection setup on the table. It pushes the seller either to make repairs or to negotiate his price if he wants to sell at or above the market value.

In some circumstances, the title company will discover problems with the registration of the property….