3. Buyer Loan Contingency: Buyer may require a separate credit configuration that remains in effect until the end of the fiduciary service. In addition, the buyer may require an additional credit rating that indicates that the valuation established by the lender must be at least equivalent to the purchase price. The standard credit contingency period is 21 days. This is important because if the valuation does not support the purchase price, the lender may request a larger acomptation from the buyer. In the absence of a credit case, the buyer generally waives the expert case within the possible period of 21 days. 2. Counter-offers: the seller may return the original sales contract with the buyer`s offer, indicating that he accepts the conditions offered by the buyer, with the exception of certain items. The treaty is actually very good and very complex. It is 10 pages, 31 paragraphs, and some of those paragraphs are up to 12 cents long.
There are plenty of checkboxes and spaces to fill in with terms that work either for you or against you. We took the example of page 1. Ultimately, make sure you have an excellent agent who represents you with expertise in this contract. 6. Mediation provision: The standard purchase agreement contains both a mediation provision and an arbitration clause. This provides that any differences between the parties first attempt to be resolved through mediation and then, if approved by the seller and buyer, through arbitration. It is a good idea to have the house inspected. An inspection should determine the condition of the sanitary, heating, cooling and electrical systems.
The structure should also be examined to ensure that it is healthy and to determine the condition of the roof, siding, windows and doors.