Execute the Contract

The crucial period between an offer and an "executed" (aka signed) contract is important to stay in close contact with me so you’re equipped with all the information you need to make smart decisions.

I will help you navigate all the steps leading to a successful closing.
The major steps include: applying for your Mortgage, negotiating repairs, the Seller “clearing title,” and submitting the Earnest Deposits (usually 3-5% of the Purchase Price).

What should I expect to see in the contract?

Some of the key points in your multipage contract include::

  • Accuracy of information, including the correct spelling of your name and the property address.
  • The effective date of the contract – is important because your contingencies have time limits.
  • A list of contingencies, such as that the sale depends on financing, an appraisal, a satisfactory home inspection, and perhaps the sale of your current home or review of a tenant-occupied property's lease.
  • Property disclosure information from the seller, which tells you what the seller remembers/knows about the property. (Your home inspection will give you a clearer idea about the actual condition of the property).
  • A complete list of what conveys with the property.
  • A list of inspections, such as a home inspection and a pest inspection that you will do.
  • Information about when you can move in.
  • I’ll review the contract with you to ensure all your questions are answered.

How do I know when to negotiate and when to let go?
We’ll work together to balance how much you want a particular property and what they will accept to get it.

You may want to let go when:

  • A bidding war drives the price too high.
  • The appraised value of the home is below your offer.
  • A home inspection finds defects that would be expensive to repair & the seller is unwilling to make concessions.
  • The seller is unwilling to make reasonable repairs.
  • You learn about homeowners association rules that won’t work for you

What are common contract pitfalls I should avoid?
We’ll watch out for the following:

  • Unrealistic deadlines: you’ll need time to arrange a home inspection and receive the report, as well as arrange financing.
  • Missing deadlines means you lose your chance to end the contract and get your deposit refunded to you.
  • Items that don’t convey with the property: if you’re not sure, we can discuss it.
  • Communications from your lender.

According to the National Association of REALTORS®, the most common reasons for contracts to fail or be delayed are home inspection problems, financing problems, or appraisal issues.

I will be by your side at every step to help you navigate the complexities of the real estate contract.