Down Payment

In the purchase offer, we can include a down payment amount you will apply toward the purchase. This will give the seller further evidence of your qualifications to secure a mortgage. Most transactions involving investment property will reqire that a down payment be included in the purchase of the Real Estate.

Interest Rate

Within the purchase offer, we will provide a safeguard against any dramatic change in interest rates between when the offer is made and when the loan is closed. The offer will not only be contingent upon qualifying for a mortgage, it will also be contingent upon an interest rate within a certain range.

Shopping for Interest Rates >

Seller Assistance

If the house you select is at the top-end of your budget range, we may want to include a request for seller assistance to pay a portion of the closing costs traditionally paid by the buyer or to help "buy-down" your interest rate. Other seller assistance may include having the seller "carry back" a second mortgage to cover your down payment or even 100% seller financing.

With any of these seller assistance options, you can expect to pay a higher purchase price than if you had handled the financing through a traditional mortgage lender.

Property Insurance Availability

This section is a section where the buyer either elects or waives the contingency of the property being reasonably insured with a homes owners policy. Usually I check a property to see if there has been past claims made which will negatively affect the cost of a Home Policy.

Inspections

When we sit down to go over the offer and write the contract which makes your offer to the seller, there are several sections apply to the inspection of and general condition of the Real Estate itself.

The buyer has the right to elect or waive inspections, all or in part.

Also the buyer may negotiate repairs to the property based upon the inspections performed by a full member in good standing o a National Home inspection association.

There are sections covering Pest, Radon, Water, Sewer and the over all structural condition of the property.

Home Warranties

This section advises both buyer and seller of their right to purchase a home warranty.

Zoning

This section applies mainly for Properties other than single family homes and is for the purpose of ensuring the proper zoning classification of Commercial, Agricultural and Industrial type properties to be accurate.

Notices,Assesments & Certificates of Occupancy

This section deals with the sellers knowledge or lack thereof that public improvements assesments have been made against the propery or remain unpaid. Also that the seller is aware of no violation of ordinances relating to zoning, housing, fire and safety, unless otherwise stated on or before the signing of the agreement.

This section also covers the situation whereby an assesment or violation occurs after the date of the signing.

Also covered in this section is the Certificate of occupancy and the parties responsible for the obtaining of the Certificate.

The section also cover the situation whereby repairs are needed in order for the buyer to obtain the certificate of occupancy.

Title,Survey & Costs

This section explains that title will be conveyed with good and marketable title, except under certain explained conditions.

Also, it is explained that the buyer will pay for, title search, titile insurance, appraisal fees, settlememnt costs, fire, flood, property insurance.

This section explains that surveys will be paid for by the seller unless otherwise stated.

Condominium and Planned Commuinty

This sections deals with the disclosures that are addressed with these sort of Real Estate deals where Condominiums and Planned communities are involved.

Maintenance & Risk of Loss

This section explains that the seller will maintain the property until closing.

Coal Notice

This section explains that the coal rights may not be conveyed with the property.

Possession

This section explains how the property is to be conveyed by key and deed and to be broom clean.

Recording

This section explains that the agreement will not be recorded in the recorder of deeds office or any other public office.

Assignment

This section explains the agreement is binding upon the parties, their heirs, personal represenatives, guardians or successors and that the buyer will not assign unless written consent of seller is given.

Governing Law, Venue & Personal Jurisdiction

This section explains that the agreement is governed by the laws of Pennsylvania.

RELEASE

This section explains the release clause of the agreement.

Representations

This section basically explains that if any representations made by anyone party to the agreement are not specifically in the agreement then they are not part of the agreement. Also this section goes on to place the buyer in the position of having inspected the property in its entirety, even if the property was not inspected. This is why I personally recomend that any party to a Real Estate transaction, please have your inspections. THEY ARE IMPORTANT!!!

DEFAULT

This section explains the rights of the seller to retain the hand money shoulf the buyer fail to perform the agreement or provide false information.

There is also a section that if checked the seler only has the right to retain hand money as liquidated damages.

Termination & Return of Hand Money

This section describes the responsibilities and rights of all parties in the case of the agreement being terminated.

Real Estate Recovery fund

This section explains the consumers rights regarding the Real Estate Recovery Fund.

Mediation

This section explains both the buyers and sellers rights and responsibilities regarding the mediation process.

Residential Lead-Based paint Hazard Reduction Act Notice

This section explains both buyers and sellers rights, responsibilities regarding the act and disclosures that are to be made.

Special Clauses

Depending on the particular situation the buyer and/or seller may have specific instructions or certain issues addressed that have not or could not be addressed under any other section of the agreement. This is the section where these special situations will be addressed.

Finally there are statements which inform all parties that the agreement is a binding contract, and also advises that the parties have a attorney consult with them if they have any legal concerns or questions. This is there because Real Estate Brokers and their Agents are not attorneys and are not educated in the specific laws of the State.

Also there are five separate boxes that are to be checked when the buyer has recieved the paperwork specified in each boxed question.

Then, at the very end of the agreement, the buyer's mailing address in written and there are places for signatures of both buyer and seller and all the wittnesses to the agreement, which are usually the Real Estate Agents for both Buyer and seller.