You've found the home that meets your needs and fulfills

your dreams and you're ready to make an offer. So, what's

next? At this point, you'll sit down with the real estate

professional who showed you the property and prepare a sales contract.

A sales contract is the formal presentation of your bid to

the seller and contains all of the provisions of the sale, from the

price to whether the bedroom drapes are included. Take a tip from

your Fayette County Board of Realtors, make sure the contract is

fully complete and leaves nothing to question.

In the excitement of the negotiating process, contract

details can be overlooked. This can waste time and delay

negotiations. It's wise to look over a blank contract that contains more

provisions that most buyers and sellers need, and then tailor it

to address the specific transaction. Parts of the contract that are

not applicable will be deleted, and other points might be added.

Every contract is different, but some of the major

provisions are the purchase price, amount of initial earnest deposit and

terms for payment of the remainder, amount of down payment,

specifications for prorating taxes, date of closing and occupancy

date. All aspects of the sale and financing terms definitely should

be included. Once you are satisfied with the contract, the agent

will deliver it to the listing agent or seller, who then has the right

to negotiate each point.

Nothing is final until an agreement on every point is

reached between the buyer and seller.

Upon agreement and signature of the contract and receipt

of the buyer's earnest money, both parties are legally obligated

to the agreement's terms. Commonly, a clause will specify that

the contract is pending on legal review and a professional

property inspection for the buyer. Typically, the buyer has five

working days in which to accomplish these matters. However, like

the other provisions, this is negotiable.

You might decide to hire an attorney to review the

contract and handle the closing. No matter how straightforward

and simple your sales contract might seem, unanticipated

problems can cause heartache at the last minute. A lawyer might be able

to foresee and avert such complications.

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