Understanding Real Estate Contracts and What You Can Expect to Find

There are a lot of things that go into the successful sale of your home, but many people are unfamiliar with the intricacies of the contract. Whether you consult with your real estate agent or plan on diving in on your own, it’s important to be clear on the terms. If you’re wondering what you can expect when it comes to the contract, here are some pointers on what to watch out for.

Real Estate Jargon

A real estate contract would not be complete without the professional terminology, so you’ll see words like amortization, price-to-income ratio and title that may impact the meaning of your contract. Instead of going it blind, search the Internet for terms or consult with your real estate agent to provide a clear explanation.

Specifics On The Sale

Information regarding the specifics of your property will be present in the contract, and it’s important to check this information before signing on the dotted line. While the address and location of your home are important, it’s also critical to verify the purchase price that has been decided upon, the closing date on the property and any other items that have been negotiated and agreed upon.

Be Aware Of Withdrawal Terms

It can be easy to be taken away by excitement once you’ve received the perfect offer on your home, but it’s important not to lose sight of everything that’s required before the sale has been finalized. One of the most important parts of the contract is the withdrawal terms that are laid out, so be certain you’re aware of what your rights are if you or the home buyer decides to withdraw from the process.

Watch For Seller’s Responsibilities

If you, as a seller, do not remain committed to the terms of the contract this can be a deal breaker, so ensure that you’ve familiarized yourself with exactly what’s required of you. This may include everything from the maintenance on the property to offer negotiations, so it’s important to comply with these terms.

Dealing with a real estate contract can be confusing for the layman, so it’s worth your while to have a trusted real estate agent around who will be able to explain it. From withdrawal terms to seller responsibilities, there are plenty of things you should be aware of before sealing the deal. If you’re currently embarking on selling your home, give me a call for professional representation – J.P. Cook – 602-320-4253.

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18045 W Avenida Del Sol -- Surprise, AZ 85387

$460,535

4 Beds

3 Baths

2,476 SqFt

Status Active

MLS # 6681312

Property Type Single Family Residence

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Come see this incredible floorplan, MOVE IN READY! An amazing layout with 4 bedrooms plus a loft, and 3 baths. In addition to being energy efficient and a Smart Home, the many upgrades make this one stand out. Great curb appeal, nice size yard great for entertaining. Two-tone paint, 9' ceilings. Beautiful dark cabinets, granite in the kitchen and baths, island, and walk in pantry. Lots of room to cook and move around! !

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17047 W Butler Avenue Waddell, AZ 85355

$460,243

4 Beds

2 Baths

1,897 SqFt

Status Active

MLS # 6660133

Property Type Single Family Residence

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Let the Sabino floor plan welcome you home with ample room for the whole family. With four bedrooms, two bathrooms with a expansive primary bedroom, you're primed to live in domestic bliss. Kitchen features Benton White cabinets with 42″ uppers, Frost quartz counter-tops and Marazzi Artezen backsplash! Tile throughout the home in a Vicinity Natural color! Our High Performance Homes come standard with home automation technology, a Remo Halo Air Purification system designed with you in mind to keep you more comfortable in your new home. This home is conveniently located close to the 303 and northern parkway!

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19610 W Cambridge Avenue Buckeye, AZ 85396

$460,193

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6676082

Property Type Single Family Residence

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Explore this must-see Slate home, ready for quick move-in on a homesite boasting front yard landscaping and driveway pavers. Included features: an inviting covered entry; an impressive kitchen layout offering 42'' cabinets, stainless-steel appliances, quartz countertops, a center island and a roomy pantry; an open dining area; a spacious great room; a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms.

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2629 S Equestrian Drive Gilbert, AZ 85295

$460,005

3 Beds

2.5 Baths

1,812 SqFt

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MLS # 6617577

Property Type Townhouse

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Remarkable new 2-story condo offering 3 bedrooms, 2.5 bathrooms, and an attached garage. This Spanish-style property is move-in ready! Located in the Towns of Annecy, home owners enjoy gated access, a community pool and spa, a playground, and walking and biking paths, perfect for taking in the lake views. The condo features designers selections and upgrades throughout including Nutmeg Shaker Winstead stained brown cabinets, a Delta Trinsic Faucet Collection, ''Frost'' Quartz countertops in the kitchen, and Matte Black cabinet and door hardware. The kitchen boasts a stainless GE dishwasher, microwave, and slide in electric range. 6'' x 36'' Floor Tile in the living, kitchen, and dining area in addition to the carpeted bedrooms. Ample storage throughout. Soft water loop pre-plumb only.

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