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More Information
Purchasing a Home
Saving Money on Mortgage
Federal Laws
Mortgage Do’s and Don’ts
Your Rights
Qualifying for a Mortgage
Choosing the Right Loan for You
Fixed vs. Adjustable Mortgages
Loan Costs
APR, ARM and GPM
Purchasing Agreement
The Closing
Interest Rate Buydowns
Your Buying Power
Mortgage Terminology
 

The Purchase Agreement

Once you have made an offer on a house, the real estate agent or broker will probably give you a preprinted form of agreement of sale. You may add or change this agreement, but not without the seller accepting each one of these changes. At this time, you should also determine with the seller which day you will take possession of the house and what appliances will be sold along with the property.

Some buyers chose to add a clause in their offer that is conditional upon securing a mortgage with a favorable rate or perhaps your offer could depend upon a structural inspection.

All buyers are encouraged to have a home inspection. Most buyers prefer to pay for this inspection so that the inspector is working on their behalf. An inspection should assess the state of repair of the roof, siding, windows and doors, plumping, heating, air conditioning, wiring and septic system. Structures should be examined to determine that they are sound.

You may choose to include in your agreement the right to terminate your offer if the inspection is not positive.

You have specific rights pertaining to lead-based paint and lead poisoning if the home you are purchasing was built before 1978. The seller or agents must give you the EPA brochure to protect you and your family from lead damage.

For most homebuyers, the cost of the house is of primary importance. However, other non-monetary terms of the agreement can be equally imperative.

You may choose to work with a settlement agent or escrow company to perform the settlement. The buyer and seller will share settlement costs, and these are often determined by negotiation.