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What to pay attention when reading real estate agreement?
What should I pay attention to when reading a real estate agreement or contract? There's so many pages and so many details, I don't know what to look for or what's important.
Asked By Charlotte | Augusta, ME | 397 views | Finance Legal Info | 1 year ago
Answer(3)
Adrian Tridel
Adrian Edwards
When reading a real estate agreement, it is crucial to pay close attention to the details to ensure that you fully understand the terms of the agreement and protect yourself from potential risks or misunderstandings. Here are some key factors to consider when reviewing a real estate agreement:
Purchase price: The purchase price of the property should be clearly stated in the agreement, including any additional fees or charges that may be incurred.
Property description: The agreement should provide a detailed description of the property being purchased, including any structures or features on the property.
Closing costs: The agreement should outline any closing costs associated with the purchase, such as taxes, fees, and other expenses.
Contingencies: The agreement should include any contingencies or conditions that must be met before the sale is finalized, such as inspections or financing.
Dispute resolution: The agreement should include a dispute resolution clause outlining the process for resolving any disputes that may arise during the sale.
Timeline: The agreement should include a timeline for the sale, including the date of closing and any other important deadlines.
Financing terms: If financing is involved, the agreement should clearly state the terms of the loan, including interest rates and repayment terms.
By carefully reviewing these and other key factors, you can ensure that you fully understand the real estate agreement and protect your investment in the property.
- 1 year ago
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Brinda Griffin
Griffin Realty Llc
Hi Charlotte,
The entire purchase agreement and or listing agreement is important for you to understand. Your agent who is representing you should be able to explain the terms/verbiage to you. I recommend hiring a real estate attorney also, who can answer any and all of your questions.
Good Luck!
- 1 year ago
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Michael Hudson
eXp Realty
Hopefully your agent went over it with you. That is the first thing, to help their clients understand what is in the agreement. If you are still unsure, perhaps you have an attorney friend that could help explain it to you.
- 1 year ago
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