Contract Checklist

While every contract will be different, below is a checklist for the typical items to include.

Don't Forget Anything

You know what should be included in a typical contract. But what else could be attached? Here are just a few items you may want to check off the list before you sign:

• An automatic 30-day extension for financing delays.
  
  
• A certified survey prior to closing.
  
  
• Maximum interest rate and discount points you are willing to pay.
  
  
• A clause stating that the seller will provide current title insurance prior to closing and an owner's policy of title insurance at closing.
  
  
• An immediate occupancy to the buyer or a lease-back to the seller for a specific period of time and the terms of that rental agreement.
  
  
• A pest inspection, prior to closing, by a licensed inspector and an agreement for the seller to pay for any treatment and/or repairs due to pest infestation.
  
  
• Seller shall warrant that the ceiling, roof, exterior and interior walls are free of any water damage, leaks or structural damage. The seller should also warrant the septic tank, plumbing and machinery are all in good working condition at the time of closing.
  
  
• That the buyer may have a home inspection, by a licensed professional, and that the seller is financially responsible for any damages or repairs that are needed.
  
  
• Seller should also make all repairs as required by the appraiser.

Not the Easiest Thing
You may want to hire some help.

Since real estate contracts are so lengthy and, well, dull, you may want to hire an attorney who specializes in real estate law to help you out. Your home is the single largest investment you are likely to have at any one time. Make an extra effort to protect yourself and your investment.

Your Last Recourse
Be sure it is written in your favor.

Your contract is the only recourse you have during this process. Once you make an offer on a house and it is accepted, you are tied to that house for the length of the contract. Sure, there are ways to terminate a contract. You could use one of your contingencies to declare the contract null and void. But that doesn't happen everyday. Signing a contract is a legally binding agreement between two parties. Be sure you know what you are doing before you sign. And always consult your attorney before the signing takes place, not after.

Let's Talk Money Now...

Down payments and earnest money.

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