What Should I Look For in a Real Estate Contract as a Potential Connecticut Homebuyer?

 Posted on August 21, 2020 in Real Estate Law

Are you on the hunt for a house to call home? For first time home buyers, the purchasing process can seem overwhelming and you may be so excited to finally own a home that you jump the gun. When you make an offer on a house, you will complete lots of paperwork that includes the terms of your offer. It is always advisable to work with a real estate attorney while drafting these documents to properly outline your offer and avoid paying more than necessary. Connecticut does not require homebuyers to hire a real estate attorney, but their expertise can keep you from falling victim to unnoticed contingencies included in the seller’s proposal.

Financial Details

It is unlikely that you will forget to include your payment offer on the home while drafting your offer contract; however, this is hardly the only financial consideration that must be done in the purchasing process. Be sure to do your research on the interest rate environment since you will likely have to take out a mortgage to finance your home. It is imperative that you list an interest rate that is affordable in the long term. Any loans that you may need to take out for the purchase of the home should also be listed.

Closing Costs

Just because you are purchasing the home does not necessarily mean that you should be solely responsible for all of the closing costs. If you want the seller to pay a portion of these costs, known as a seller assist, this must be included in your offer agreement. Closing costs are not normally included in the property price, meaning the total cost of the sale will be higher than the price tag cost. It is fairly common for sellers to assist with the closing costs, and even more so if the homebuyer offers a higher purchase price contingent upon the seller’s assistance with the closing costs.

Home Inspection

You should never purchase a house without first having it inspected by a professional. Unless you are tearing down the current house to build a new one, you should know what you are getting into; you never know what secret dangers or necessary renovations your future house may be holding. Have your own inspection performed to be sure that the information is recent and accurate. Including a home inspection contingency clause in your offer will allow you to walk away from the deal if the home inspection reveals significant structural issues or high renovation costs.

Contact a Stamford Residential Real Estate Lawyer

Purchasing a home can be an exciting, yet stressful, experience. Whether this is your first home or fifth home, working with a real estate attorney is critical to get the deal you want and notice any possible discrepancies in the seller’s counteroffer. The Law Offices of Daniel P. Weiner has over 40 years of experience assisting home buyers and sellers with their real estate contracts, negotiations, and closing process. Our Fairfield County real estate attorney will stand by your side throughout the entire legal process and provide you with recommendations for other reputable professionals, such as a financial advisor and home inspector, who can strengthen your home offer. Contact us today at 203-348-5846 to schedule your free consultation.

Source:

https://www.investopedia.com/financial-edge/0810/7-must-have-real-estate-contract-conditions.aspx