Princeton Town Topics – Let’s Talk Real Estate – March 14, 2007
UNDERSTANDING THE SALES CONTRACT
The purchase or sale of a home is one of the most complicated business transactions you will be involved in during your lifetime. The purchase agreement covers not only the price of the property, but has many paragraphs governing the terms under which it will be conveyed to the new owners.
When you list your home for sale or when you begin your search for a new home, ask your Realtor for a copy of the standard sales agreement. Familiarize yourself with the document ahead of time, and make certain you understand the responsibilities of both parties between the initial meeting of the minds and the closing date. You should be aware of all of the deadlines in the purchase agreement. Each contract is different, but there are usually time limits covering the structural contingency, the financing application, the load commitment, and the closing.
You greatly increase the chances of a smooth transaction by being fully informed.
