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Contracts in Madison County Alabama
Dated: August 18 2023
Views: 109
There are 7 important items that are addressed in your contract to purchase real estate. You will want to double check these before you sign your contract.
1. Brief Legal Description - make certain the address of the property and the brief legal description are correct. You can go over this with your agent and in most areas you can find a public record for property on line.
2. Who Represents You? - Has your agent discussed this with you? Have you already signed some kind of agency agreement? This may be important to double check. There are a couple of different types of agency. What they mean can be very important to you if issues come up. Be sure and go over this with your agent and ask for a full explanation.
3. Who pays for what at closing? This is outlined early on in the contract. Sometimes title insurance is split between the parties and sometimes one party pays it all. Do you need a survey? Who does the contract say will pay for that? The deed, the attorney and so on is all outlined in the contract.
4. Condition of the property at closing - What condition is the property to be left in at closing? Is it to be fully free of trash and extra items? Be sure to know what to expect, left over furnishings or trash are much more difficult to address at the last minute.
5. Inspection terms and timelines - How long do you have to complete your inspection? What type of items are considered normal and what items are considered safety or major defects? This is important to know because the seller may not be required to fix all issues.
6. Who holds the earnest money and what are the requirements for it to be released to either the purchaser or the seller? Be sure you understand the terms of this. It's not automatic that it just gets returned to the purchaser if you don't close for some reason.
7. Additional provisions - This section of the contract allows space for you to address issues that may not be clear in the contract. Are you asking for the seller to pay something that the contract says the purchaser will pay? Are you asking the seller to leave something or remove something specific?
In today's market where most people sign electronically, it is very often that some of these important items get over looked. This is just a brief list of things to make sure you understand before handing over your signature.
This information is based on contracts used by the Huntsville Area Association Realtors.
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Karen Harrison
Hey y’all — I’m Karen Harrison with RE/MAX Alliance, known as Huntsville’s RealTEA Agent. My style is simple: Southern hospitality with honest guidance—the kind of straight talk you’d get ....
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