Buying a Home – The Contract

There are many steps to buying a home. Let’s discuss, in depth, the contract, which is one of those steps.

Buying a Home

I’ve heard people say that buying a home is one of the most stressful things you’ll ever experience.  Since Bunny and I have purchased nine homes of our own during our life together, we can personally attest to that.  And even though you may have done this before, it can be a daunting experience. As Realtors, we’ve also sold more than 400 homes.  Consequently we’ve helped many people through the process. As a result, we can use our experience to help make your home buying experience as smooth and stress free as possible.

Write the Contract

Once you’ve found your dream home,we’ll need to write a contract. Typically, your Realtor will prepare a contract for you to sign, using a standard form approved by the NJ Association of Realtors. The pertinent information about the transaction will be entered into this standard contract. Information entered in the contract will be the purchase price, deposit amounts and the time frame for the deposits will be made. If a mortgage is involved, it will include the mortgage amount, the payment schedule and the mortgage commitment due date. In addition, it will list what’s included in the sale, such as appliances or other personal property.

What is not included in the purchase price is also in the contract. This could be lighting fixtures, window treatments or other items. This ensures that no mistakes are made as to what is or isn’t included in the purchase price. Time frames for inspections are also included, as well as the closing date.

Once your Realtor has prepared the contract, your agent will explain what the contract entails. However, should there be parts of the contract that you don’t understand, don’t be afraid to ask questions. Next, all of the buyers will sign the contract. Once that’s complete, your Realtor will then forward the contract to the seller’s Realtor, who will present it to the seller. After some negotiation, hopefully you will come to an agreement with the seller and you have completed the next step towards purchasing your home.

Standard Disclaimer

I’m not an attorney, nor do I play one on TV. For legal advice, do not ask me, consult with your attorney. However, I am a Realtor, and I can help you buy or sell a home. I’ve come to an agreement with the attorneys I recommend. They don’t sell homes, and I don’t give legal advice. This has been working well for us. So – when you’re ready to either buy or sell a home, please contact us.

Would you like to search for condos / townhouses in other Monmouth County towns?

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