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No matter what the seller tells you, get the residence inspected by a certified inspector in your area.

Property Disclosure Statement – Filled-in by the seller to inform the buyer of the current status all parts of the home such as the roof (leaks), flooding, electrical, plumbing, heat, etc.

Lead-Base Paint Disclosure Form – A Federal requirement for any residence that was built prior to 1978.

Earnest Money Receipt – Issued to the buyer after the escrow payment (if any) has been made.

These forms will notify the seller of any issues or repairs needed in the home as well as if there are any hazardous substances on the property. If an agreement is made, the seller will be required to complete and put forth disclosure forms to the buyer. The seller will have the choice to accept, reject, or submit a counter-offer. If the seller accepts, the purchase agreement will be signed and the buyer will be required to submit their downpayment (if any). The purchase agreement also acts as the offer letter. If the buyer likes the home, an offer will be made. Usually, the seller and their agent will leave the premises and give the buyer 15 to 20 minutes to look around the home. The seller, or their agent, will be contacted where the parties will meet at a specific time at the residence. This is completed by the buyer or their agent. Once an idea of what the buyer is looking for is discovered, the search can be narrowed. It is recommended to view houses within their price range. Step 3 – Attending Open HousesĪn open house is how a buyer “gets a feel” for the market conditions in their area. In most market conditions the buyer will have no problem viewing any home that is for sale. In other words, a pre-qualification letter certifies the buyer is able to afford the property. This is a statement from the bank that shows the buyer is able to obtain financing under their current financial status. Unfortunately, in the world of real estate, a buyer will find that it is much easier to get into residences and get private showings if they have a pre-qualification letter.

It’s best when you are searching for a home to have the mindset of keeping your eyes and ears open at all times.

Other – 29% includes friends and family informing the buyer, seeing a yard sign, and reading the newspaper.

The top three (3) real estate brokerage companies are Century21, Keller Williams, and Sotheby’s International Realty respectively. There are about *2 million licensed agents in the USA (* Source).

Real Estate Agent – 30% of home sales that occurred the buyer found the property through the use of a licensed real estate agent.

The top three (3) websites to find a home are, , and respectively.

Internet – 51% of home sales the buyer found the property on the internet.

Step 1 – Finding Homes for SaleĪccording to the 2017 Profile of Home Buyers and Sellers the following are the best resources to find a home for sale

The sale is complete when the deed is filed in the recorder’s office under the buyer’s name. If accepted, a closing will take place where the funds will be exchanged and the buyer will be presented with a deed. The agreement will usually contain a price along with conditions for the sale and the seller can choose to reject or accept. The process begins with a buyer producing an offer through a purchase agreement. Stock Purchase Agreement – Used to buy a portion or all of a business entity. Land Purchase Agreement – For the buying and selling of raw land for either commercial or residential use. By StateĪsset Purchase Agreement – Used to buy the valuable holdings or possessions of a business or individual.ĭownload: Adobe PDF, MS Word, OpenDocumentīusiness Purchase Agreement – For the buying and selling of a business and all its assets and liabilities.Ĭommercial Real Estate Purchase Agreement – For any type of non-residential property, it’s recommended to use the commercial purchase agreement. The most common contingency is for the buyer to obtain financing from a local financial institution. It’s recommended the seller requires the buyer to pay an earnest money deposit between 1% to 3% of the sales price that is non-refundable if the buyer cancels the agreement. The agreement outlines the terms and conditions and must be followed, unless amended, until the closing date. A residential real estate purchase agreement is a binding contract between a buyer and seller for the ownership transfer of real estate in exchange for a sales price.