What Conditions Do You Want To Place On Your Buying The House?

When you commit to buy the house through your offer, you may make that commitment contingent upon certain things happening, such as you securing financing for the home. In a similar vein, you may make the purchase contingent upon the sale of your present home by a certain time and under certain terms.

You will also want to make sure the house is in good shape. You may make the contract subject to your being satisfied with a building inspector's report and/or an inspection for termites. The purchase should also be subject to your being satisfied with your own inspection of the house just prior to closing.

The contract should spell out everything that is part of the purchase that may not be clearly part of the real estate. Common items that could cause questions include appliances, light fixtures (such as the chandelier in the dining room), shades, blinds, curtains and rods, screens and storm windows, shelving or cabinets, potted flowers, shrubs and trees, or perhaps a swing set that is cemented down.

Most contracts for sale include some standard provisions, such as one for property taxes, insurance costs, utility bills, and special assessments to be prorated at closing between buyer and seller. Others outline particulars about what happens if the property is damaged before closing or if the seller or buyer fails to go through with the sale. You may want to add your own special provisions. For example, you may want a new home builder to provide you with home warranty insurance at no cost to you.

The contract will have a place for you to write in the time when you would like to take physical possession of the house. If you can't go through with the purchase because the closing doesn't take place by a certain time, the contract should say "time is of the essence". This statement binds you too, so be sure you can fulfill your part of the contract by the stated date.

All the pieces are starting to come together. Your lender has approved your loan. Except for the seller's paying off the existing mortgage, the title is clear. The property inspector you hired has submitted a report and finds no major structural or mechanical flaws in the house. You, your realtor, and the seller's agent have completed a "walk-through", a final inspection of the property. (The walk-through inspection assures you that no damage has occurred since the property inspector looked over your house or that work you specified in the contract was completed. With new homes, you'll often find details that aren't completed when you made the offer, so they were listed in the contract to be completed before closing.)