Everything you need to know before signing a contract
Contracts are very wordy, and they can be scary things! But we're here to help take some of the intimidation away!
When are making or receiving an offer on a house, one of the first things that will happen is contract signing. You will be presented a several page document with a lot of legal language in it. This is there to protect both parties, and it has been created by lawyers who have studied case after case of issues that arise from buyers and sellers not being fully protected contractually! Contracts are updated each year, sometimes several times per year. This is why it is important to have an agent who knows and understands contracts, and can explain every detail of it to you.
Each state has it's own version of a real estate contract. Usually, an agent is only able to change certain parts of the contract to reflect your situation. These changeable fields will include party names, addresses, purchase price, closing date, closing attorney, closing costs paid by the seller, etc.
Always ask your agent to go over the contract with you, and to provide you with a Net to Seller if you are selling your home. This is a document your agent can create, which will help you understand what amount you will likely walk away from the closing table with.
With a seasoned professional on your side, even the longest real estate contract should be much less intimidating!