What Is The First Step When Writing A Contract

Dated: 01/02/2019

Views: 412

A lot of consumers are unfamiliar with the home buying process and the order in which it is done, so I'd like to shed some light on the beginning parts of the transaction. Once you find a home you love, you'll be ready to make an offer. At this point your agent may negotiate verbally to speed up the process, or the selling agent or even the seller, may require you submit an actual contract before negotiations have begun. Remember, you cannot be in negotiation with two parties at once. The reason for this is, if both parties come back in agreement, you are now bound to the contract legally, even it was only verbally. Once all parties have signed, the final party will execute the contract. This the final step in which a date is written on the 8th page of the TREC 1-4 residential purchase agreement and the clock starts ticking. You now have 3 days to turn in the earnest money to title, typically $500, and the option money to seller, typically $50 for 10 days. This also begins the time line of when the survey and seller disclosure are due.  

      I'd like to thank you for reading, if you have any questions, please feel free to email me at isaac@olmosrev.com


Latest Blog Posts

Real Estate Wrap Up For El Paso TX 2019 Dated 01162020

If one thing defines the real estate market in 2019 I would say “buyer frenzy” driven by consistently dropping interest rates. Feds dropped their yield by nearly  36% in 2010. Now, this

Read More

What Are The Advantages Of Buying A New Home December 1st 2019

I've worked with many buyers and one of the most common questions I get, is what's the difference between a new build and a resale. While some of the differences may be obvious, some are not, and of

Read More

What Is An FHA Loan

Navigating a home purchase can be tricky, one of the most intimidating parts of that purchase is of course financing. A very popular loan in today's economy would be the FHA insured loan because of

Read More

What Is The First Step When Writing A Contract

A lot of consumers are unfamiliar with the home buying process and the order in which it is done, so I'd like to shed some light on the beginning parts of the transaction. Once you find a home you

Read More