TERMINOLOGY

TERMINOLOGY

• BUYER:

  That’s you.

• SELLER OR VENDOR:

  The present owners.

• PURCHASE PRICE:

  The most important number. Let’s hope the seller goes for it!

• DEPOSIT:

  A down payment you present to the Seller or the Seller’s brokerage. The amount of the deposit is up to you, but there are guidelines that are standard in the industry.

• CHATTELS INCLUDED AND FIXTURES:

  Be sure you know what is included with the house – the washer and dryer, the microwave, draperies, light fixtures. Don’t leave anything to ‘chance’.

• IRREVOCABILITY OF THE OFFER:

  The length of time you give the seller to consider your offer. Usually less than 48 hours.

• COMPLETION DATE:

  The date you take possession! Often 30-90 days after the Agreement of Purchase and Sale is signed by both parties.

• CLAUSES PARTICULAR TO THIS AGREEMENT:

  Every transaction is unique, and you may want to add specific conditions that are important to you, such as a proper home inspection. Your Realtor can help ensure no details are overlooked in your offer.