The agreement of sale is a standard form and is all about your offer and needs
- How Much
- When you want to Close
- What Inspections and Contingencies
The standard Inspections are:
- Home inspection by a certified home inspector.
- Radon Test
- Termite/Pest Inspection.
PA Reply to inspection:
We fill this form out within the 10-day Inspection Period—the inspection period starts on day one after an agreement of sale is signed/executed.
When you receive your home inspection report listing the defects and cost estimates for repair/replacement (a high and low estimated cost) this way, you have an idea of what numbers you’re negotiating with.
You have options on how you move forward:
“At the seller’s expense, “x” should be remediated by a certified electrition…)
(FYI)You only get two walks thru’s before closing:
1-You can check if the repairs are completed.
2- The day before or the morning of closing: ensure it is clean, everything in the contract is done, and its broom swept.
Sellers Assist or Lowering the Sale Price: that is where you are talking about actual money off the Sale price or payment at Closing.
Seller Assist is a feature of many loan programs that is used to help a buyer pay for a portion of their closing costs. It becomes a debit to the seller and a credit to the buyer at the closing table.
Or lower the cost of the Property.
I want you to prepare yourself for the first step after the offer. Knowledge is power. It also makes the process go smoother.
Remember my favorite part of the Agreement of sale #13!