A Home Buyers Guide To A Sales Contract

A Sales Contract

Now you have finished your home searching and decided which one to buy.

The next important step is to make the home you selected to be your own. Signing of the sales contract is the important one of the series of steps that leads to home ownership.

A sales contract is a legally binding document. It warrants utmost care from you that you need to ensure whatever information it contains are accurate and   is in your best interests.

You have to assure this before signing the sales contract. If everything is accurate and is know clearly to you, you can go ahead with the signing of sales contract without worry.

What is in a Sales Contract?

A sales contract contains a lot of information that affects the deal under consideration. Some of the important information that are usually present in a sales contract are listed here to help you:

1. A sales contract inevitably contains the legal and physical description of the home being purchased.

 

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County government needs the legal description for identification purpose. Legal description of a home hardly changes.
 
2. Selling price and the method of payment are the other important information that is stated in a sales contract. All the details including the amount of down payment, mortgage amount, earnest money deposit, the name of the escrow which will hold the earnest money deposit etc.., are clearly stated in the sales contract. Any contingencies about the mortgage are also mentioned in the sales contract.
3. The closing date should be clearly stated in the sales contract.
4. The details of the things that are sold must be mentioned. Whether the sale includes any appliances or not must be mentioned without any room assumptions and presumptions.
5. A warranty description of the home being purchased should be included in the sales contract.

6. If the home being purchased has a well or septic, the information on whether they had passed the testing should be included in the sales contract.
7. Who will pay for the mandatory termite and pest inspection? Who is responsible for repairs if damages discovered? All these details should be there in the sales contract
8. The exact date from when onwards the home will be legally yours must be stated without ambiguity in the sales contract.
9. A sales contract should say how much time the seller has got to respond to your offer on home.
10. A sales contract may contain provision for arbitration
11. A sales contract should say who will pay the private mortgage insurance
12. A sales contract should include any property disclosures regarding the home being purchased.

Usually it is the seller who drafts the sales contract. You can also have them from office supply stores like Office Depot or Office Max. Whoever drafts it a buyer should have the complete understanding of the sales contract before signing it.

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