North Carolina’s Offer to Purchase & Contract is now 12 pages long. Excellent bedtime reading!
When you first hire your Buyer’s Agent, they will provide you with a Sample of the Offer to Purchase & Contract. And, in all seriousness, you should review it early on. This gives you a chance to ask questions and share your concerns before you ever get ready to present an offer.
When you make an offer on a home, you are doing more than just offering a specific price. You will also be offering to pay a certain amount up front to the sellers in a Due Diligence Fee and Earnest Money. You will be specifying what dates you will be done with your Due Diligence, or research, Period and when you intend to close on the house. You will identify if there are any items that you want to stay with the house or the seller to take with them, above and beyond the extensive list that is printed in the standard offer. You will give the seller an idea of how you intend to pay for this house. And you will let them know if you want for them to pay for some or all of your closing costs and/or a home warranty.
When you present your offer, you will be expected to have a lender’s pre-qualification letter showing the seller that you have gone through a preliminary loan qualification process for the full asking price of this home. Paying cash? You will be expected to provide a proof of funds letter from your bank.
You will also have reviewed and signed the seller’s property disclosure, acknowledging that you have read about the different systems of this home and their condition as the seller understands it. Other documents & addendums may also be needed specific to this purchase. Your Realtor will advise you as to what you need.
There are many other aspects of this Offer & Contract. Equally important is that you and the sellers are agreeing to what rights and responsibilities each of you have in the sale of this home. This is a critical time for both parties, all the more reason to have appropriate guidance and exclusive representation by a licensed, qualified Realtor.
Next time: Negotiations