Also see the BUYERS tab (listed above) to review the quality control steps in chronological order that occurs during a real estate transaction.
It is important to work from a checklist while you are buying a home. The Buyers Agent and the Listing Agent and their Transaction Coordinators work from lists. At the same time, the Loan Processor and Escrow Officer are also working from checklists. You have to monitor the major potential danger points listed below.
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If a buyer needs their home to sell before closing their purchase, they must disclose the situation to the seller. The contingency clause will define the condition or action a real estate contract meets before becoming legally binding. While this is a simple requirement, it’s imperative to avoid delays and ensure all parties are on the same page.
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A lot of standard real estate contracts contain a clause where the parties select which items convey with the house such as appliances, fans, lights, draperies, outdoor items, etc. It’s important to thoroughly review this list. It’s also important to write-in any items that are not specifically noted by default. If there is any question about what items convey with the home, they should be written out for all parties to see and agree on.
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One of the most simple yet easily missed items on the contract is using the proper names for the parties. Not only is this important for title purposes, but lenders rely on this information when they are prepping their documents. Party names should be consistent with their identification. If the buyer or seller is an LLC or INC, the proper business name should be used. If the buyer or seller is a Trust or some other “estate,” then the individual authorized to sign should be the seller.
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