Details of an Offer - La Grande OR Real Estate
As a buyer, at some point you will write up an offer on the property you wish to purchase. Making sure you have a good buyer's agent to do this for you is a good place to start but there are a lot of details when it comes to the actual contract itself. Here is a simple breakdown of some of the basics.
- Contact information - There will be a place for everyone involved to document names, addresses, phone numbers and emails. This includes the buyer, seller, agent's, escrow, title and lender if applicable.
- Legal Description of Property - Without this, there really isn't anything you are buying. There must be not only the address of the property but the legal description initialed by buyer and seller from the deed. This deed is obtained by the title company when the listing contract first came into play.
- Offer Price - Obviously somewhere on the form you must state how much you are going to offer on the home and any down payment or earnest money deposit. This may or may not include closing costs which will be documented at another spot in the offer than from the offer price.
- When possession will take place - This will either happen on closing or a few days after. This is typical but all details are negotiable.
- How you will pay for the property - If you are obtaining a loan, that information as well as how much down payment and the type of loan you are getting will need to be documented.
- Contingencies -
- Inspection contingency - This contingency hinges on whether or not the buyer approves the inspection. If the inspection is not satisfied then the contract is terminated. The buyer and seller have to agree on whatever terms are negotiated in the inspection for the transaction to proceed.
- Sale of home - This may be included in the offer if the buyers must sell another home to purchase the new one.
- Neighborhood examination - If the buyer wants to check out the neighborhood such as people, crime rate, use, traffic etc.. before the final purchase.
- Financing contingency - IF the buyers are obtaining financing they must be approved for a loan for the transaction to take place.
- Seller's Disclosure - Each state, city and county can be different so check with us for the details on buying in your particular part of La Grande Oregon. These disclosures can include a lead base paint form and details of any damage on the home that the seller knows about. These forms must be signed by buyer and seller.
Each contract is usually slightly different as each buyer and seller are different. The negotiations must happen in stages and any final decisions must be signed in writing by both parties to be valid. We are experts in Island City real estate and would love to help you find the right home in La Grande Oregon.