When a buyer decides they like your home, they will make you a written offer. Your real estate agent will advise you as to whether or not the prospective buyer is qualified to purchase your home. After all, who needs to review an offer from a buyer that is unable to buy it?
After determining the buyer's qualifications, you and your agent will review the written contract, taking care to understand what is required of both parties to execute the transaction. The contract should protect the interests of all parties.
After you accept the offer, it may be too late to make any changes. The contract, though not limited to this list, should include the following:
- Legal description of the property
- Offer price
- Down payment
- Financing arrangements
- List of fees and who will pay them
- Deposit amount
- Inspection rights and possible repair allowances
- Method of conveying the title and who will handle the closing
- Appliances and furnishings that will stay with the home
- Settlement date
- Contingencies
Remember that the legalities of this phase are very important. If you have any questions or concerns, be certain to address them with your real estate agent right away.