TERMINOLOGY
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BUYER:
That’s you.
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SELLER OR VENDOR:
The present owners.
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PURCHASE PRICE:
The most important number. Let’s hope the seller goes for it!
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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.
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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’.
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IRREVOCABILITY OF THE OFFER:
The length of time you give the seller to consider your offer. Usually less than 48 hours.
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COMPLETION DATE:
The date you take possession! Often 30-90 days after the Agreement of Purchase and Sale is signed by both parties.
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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.