Buying a house is an exciting event for many people in Denver, whether they plan to “flip” it or to live there for many years to come. However, one should not rush through the home buying process. One important part of the home buying process that requires careful thought and scrutiny is the drafting of the real estate purchase contract.
Of course, the real estate purchase contract will include the address of the property and how much it is being purchased for. However, there are other items to include in a real estate purchase contract to make it as legally sound as possible.
First, a real estate purchase contract should contain any financing terms, for example, if the purchase is contingent on obtaining a certain interest rate or upon selling an existing home. If the home is being purchased with a VA loan, other special types of loans or if the property is being paid for in cash, this should also be included in the real estate purchase contract. If the seller will be covering closing costs or other fees, this must also be included in the contract.
In addition, there should be a home inspection contingency in a real estate purchase contract. What fixtures and appliances that are to be sold as part of the home should also be specified. The closing date should also be included in the purchase contract.
This is only a very general overview of what buyers may want to include in a real estate purchase contract. The bottom line is that, with so much money at stake, no one wants to have an incomplete real estate purchase contract that doesn’t achieve what he or she wants it to. Mistakes can slow down the home buying process or even cause it to fail altogether. Mistakes could also lead to undesirable legal consequences. Therefore, those who are in the process of buying a home will want to make sure they understand all the legal aspects of the home buying process so they can make informed choices.