The Importance of the Real Estate Purchase Agreement

Buying a home in Hoboken can be an amazing experience and buyers may sometimes forget that buying a home is also a large financial transaction that involves a legally binding contract.

Always remember to take extra time and read through a real estate purchase agreement before you sign it.

There are many things in a real estate purchase agreement but following are a few points to pay extra attention to:

A “contingency” may be included in the agreement that allows the buyer to hire a home inspector to have the option to back out of the sale if the condition of the home isn’t what was expected. Make sure the contract includes ample time for an inspector to be hired and complete an inspection. Be careful with any “as-is” clauses, that usually mean a seller won’t make any repairs to the home, even if they are proven to be a serious problem.

A home warranty could provide a cushion in case something major in the home breaks and they are generally good for one-year after the deal closes. If a warranty will be part of a real estate purchase agreement than the contract should clearly state who will pay for it.

The closing date is when the home buyer gets the keys to the home. And it is also when the home buyer starts making the mortgage payments, paying homeowner’s insurance and property taxes. Also it is a good idea to allow enough time between the closing date and when you have to vacate your current residence in case there are any delays.

Stop waiting, there are many positive reasons to by a new home now. Contact me to today so I can show you why the The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. With low mortgage rates available, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

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