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School Reports in Barrington, Inverness and Cary, Illinois

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Real Estate Contracts >Purchase Agreements

Whether it consists of several pages of big type or a few pages of fine print, a real estate purchase agreement is a serious, legally binding document. In most areas, there are "boiler plate" forms that spell out what each party agrees to do by certain dates and what happens if either side breaks the contract.

The best time to familiarize yourself with these forms is when you are beginning your search. Ask the real estate agent for a copy of the purchase agreement and then review it, keeping in mind that it has the force of law. If you don't understand the document, consult an attorney. If there is a dispute between buyer and seller, a court will hold you to what the purchase agreement specifies, not what you thought it meant or what you thought the real estate agent said it meant.

There are several key points you should be clear about. What are the deadlines for loan application and obtaining financing? If you decide to back out because of the structural inspection report, can you do that? Do appliances convey? When will the closing take place? If you understand these clauses before you find the perfect house, you will avoid a lot of stress and minimize the likelihood of misunderstandings.

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Q	What is considered the oldest surviving non-native building in the U.S.?
A	The governor's palace in Sante Fe, New Mexico, built in 1609, was constructed with materials and methods adapted from the native Indians.
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Bob Untch, REALTOR®, real estate agent and broker for Barrington, Inverness and Cary, Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

Bob Untch
Coldwell Banker Residential Brokerage
530 N. Hough Street #180
Barrington, IL 60010
847-542-0475
Fax: 847-382-4990
BobUntch@NUMBER1EXPERT.com

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