So, your ready to put an offer in on your first property, signing on the dotted line without understanding the contract could be a huge mistake!
The Hilson Team, Milton Ontario real estate agents strive on educating all our clients and reading through the contract in full, so when you walk away from the table you know what you have signed.
Team Hilson local Milton, Ontario realtors strive on educating all our clients as to what the contract entails. The agreement should always contain a schedule attached to the agreement outlining additional clauses and, conditions protecting the parties involved. The pre covid pandemic caused offers being drafted without proper protections to the buyers.
Due to a surplus of money in the system home buyers became plentiful causing the market to shift to a seller’s market with a huge shortage of homes available for sale. Buyers were forced to eliminate important conditions, clauses that normally would have been in their contracts. Team Hilson has over 40 years real estate experience allowing all our clients to make an educated decision prior to submitting the offer.
There are many clauses and conditions that can go into any agreement, but assuming it’s a residential home in Milton, Ontario with no unusual strings attached to the property a Financing condition, Home Inspection condition and possibly a Sale of Purchasers property would be inserted into the agreement.
Financing Condition: Protecting the buyer for a duration of time (5 business days is the norm) to be able to secure financing on the purchase, allowing the deal to close successfully on completion date.
Just because you have a pre-approval from the lender doesn’t mean they will lend all the funds on the property. The home will most likely require a physical appraisal before the lender agrees to finance. Without a financing clause the buyer needs to have a back-up plan if the appraisal comes in low.
Home Inspection: Even though the house looks good from the buyer’s eyes be cautious! Home inspectors have trained eyes to find the hidden defects that could potentially cost the purchaser a lot of money down the road. Team Hilson has a list of trained and certified inspectors at their disposal.
Sale of Purchasers Property:
If you’re a first-time buyer this clause will not be part of your agreement BUT if you own a home already and can’t afford to own two homes this clause is a MUST
Milton real estate has been fast and furious over the last 2 years with contracts being drafted on properties without the parties being fully educated on what they are signing and the ramifications of not fulfilling their end of the deal. Team Hilson is a family of realtors in Milton, Ontario with over 40 years of experience in our industry.
The Sale of Purchasers property gives the purchaser a set amount of time to sell their current home to be able to compete the transaction on their new purchase.
Drafted properly the notify the current buyer to remove the condition or walk away from the deal. This condition is complicated and needs the eyes of an experienced realtor to navigate. Team Hilson has the experience and knowledge allowing our clients to rest easy. Without being drafted properly the client is at risk of losing their deposit and being sued.
The internet allows the public to research any topic at anytime. The real estate industry is a complicated and should not be navigated without proper advice from a real estate agent that has the experience to handle your deal. Team Hilson Milton, Ontario real estate agents handle a multitude of contracts monthly. Hire a team that cares about YOU not their commission cheque.
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