Real Estate Contracts

Real Estate Contracts, by Des Moines Real Estate Experts RE/MAX Real Estate Concepts

The real estate contract is perhaps the most important document for home ownership in the Des Moines area.  Another important document in the home ownership process is the agent contract.  A professional real estate agent such as the dedicated agents at RE/MAX Real Estate Concepts will work on your behalf to insure the best possible outcome for your home search.  After all, shouldn’t you trust the biggest investment of your life to a professional?

Contracts put the details of an agreement in writing.  This is a helpful practice because everyone involved knows exactly what has been agreed upon.  Contracts between a real estate agent in Des Moines and a buyer or seller disclose important information such as duration of the contract, who pays the commission, and the percentage of the commission.  Once a buyer finds a home the process of a real estate contract begins.

The buyer’s real estate agent presents an offer to the seller’s real estate agent.  It is common for a purchase offer to contain contingencies.  Contingencies can be a double edged sword.  They can protect the buyer, but too many contingencies can make the offer less desirable for the seller to accept.  Real estate agents are experts in this type of negotiation.  That is why it is important for both the buyer and the seller to retain a professional real estate agent in Des Moines.  A contingency is a condition that must be satisfied by either one or both parties in order to move forward with the sale of the property.  If the contingencies are not met the contract can be terminated.

Some common contingencies found in real estate contracts in the Des Moines area are:
-     home inspection
-     attorney review
-     financing

A home inspection can expose potential problems with the property.  An expensive defect can be costly to repair.  This does not mean the buyer should necessarily walk away from the sale.  It does, however, give the buyer leverage to re-negotiate the contract, addressing the found problems.  Sometimes a seller will offer to repair the problem.  Another option is for the buyer to receive a credit at closing to cover the cost of repairs.  A home inspection report gives both the buyer and seller a reference point for repair negotiations.

An attorney review is a smart contingency for any buyer to add to their offer.  A benefit of this contingency is the buyer does not lose precious time waiting for the attorney review prior to offering a purchase offer to a seller.  This is especially important when bidding on popular properties.

Finally, a financing contingency is extremely important.  If acceptable financing cannot be secured, the buyer will not be obligated to purchase the home.  A real estate agent can help a buyer with securing mortgage pre-qualification, which should reduce or eliminate the chances of financing issues.

There is a lot of free information available to you about buying, selling or investing in Des Moines real estate. For complete information about the Des Moines real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Des Moines real estate at Real Estate with RE/MAX. Please feel free to contact us with any of your real estate or mortgage related questions and we will be more than glad to answer your questions. Call us at 1-800-708-5890 or email us at dsm@realestateconcepts.net.

Be Sociable, Share!

• 

Filed under Des Moines Real Estate Blog

Be Sociable, Share!

• 

• Tweet

Related posts:

1. The Real Estate Closing Process The process of closing a real estate transaction in the Des Moines area is easily understood with the help of a professional real estate agent....
2. Why Hire a Real Estate Attorney Although some states don’t require an attorney for real estate transactions, it is in the best interest of both the buyer and seller to retain...
3. Your Real Estate Agent– A Skilled Negotiator Finding a good real estate agent in Des Moines involves more than finding an agent that is experienced in the actual sales transaction. A real...
4. How to Pick a Real Estate Agent A good Real Estate Agent in Des Moines can help you sell your property in Iowa well by packaging and marketing it superbly. An expert...
5. 5 Simple and Easy Tips to Buying Real Estate For some buyers, buying a home is a stressful process. For others, it's a fun and exciting process of choosing their dream home. In this...