Avoid These Common Contract Errors!
You’ve found your dream home in Cheshire. You’ve signed a contract and the home is almost yours. But hold on a second. What exactly does that contract say? Are those gorgeous stainless steel kitchen appliances included? Are there any contingencies? Is the contract going into effect today or 10 days from now? Buying a home isn’t as simple as 1, 2, 3. There are plenty of factors that play into it, and without the proper information, you might miss something. All too often both home buyers and sellers think a contract is communicating one thing, when it is actually communicating another. As your trusted Cheshire real estate agent, I want you to have all the necessary information before, during and after the transaction is complete.
Obtain Financing: Give yourself plenty of time to do this. Often times a contract is contingent on a buyer obtaining financing by a certain date. To avoid missing the date, allow yourself ample time to secure financing. If you miss the date and are granted an extension, power to you – but you don’t want to risk the seller canceling the contract and moving on to another buyer. What’s worse? They will also keep your earnest money deposit. On the same note, be aware of your closing date. Closing too quickly isn’t the best idea because there are many things that take time to be done properly, and lenders and title companies etc need time.
Know What Stays and What Goes: If you fell in love with updated appliances when touring the home, don’t get too attached. These might not be included in the sale and it’s your responsibility to find out if they are. It’d be a shame to walk into the house on moving day and discover you need to invest another few thousand dollars into what you thought would already be there…right? As a buyer, go over the contract in great detail with your Cheshire real estate agent. If there are any questions, make sure to get them answered before the deal closes. As a seller, make sure to specifically state on the contract what will stay with the home.
Make Sure Everyone Signs: Sometimes homes aren’t just owned by one individual. Sometimes it is owned by both spouses or could have other owners like a corporation. Make sure everyone signs the contract and that no one is left out.
My advice? Take everything that is important to you in a home purchase (or sale) and get it in writing. You wouldn’t want the deal to fall a part because of a small detail that wasn’t included in the contract. When buying or selling your Cheshire home, rest assured that you will have a seasoned Cheshire real estate agent on your side to make sure everything goes as smooth as possible. I look forward to working with you when you’re ready to start your next real estate transaction.