RE/MAX Advantage I



Posted by Mark Consolmagno Michelle Curran Team on 12/16/2020

Photo by Mohamed Hassan via Pixabay

Buying and selling real estate is a complicated process that takes time. Because you are making a life decision and dealing with strangers, you should always have a valid purchase contract. Real estate agents use a standard contract, but the buyer and/or seller may make changes to that contract. In making changes, be careful not to make the contract invalid.

A Valid Contract

Four elements make up a valid contract:

  • You must have an offer. In real estate, this is the party purchasing the real property.

  • You must have consideration. This is something of value, usually cash. In real estate contracts, this is called good faith money or earnest money and is usually 1 to 3 percent of the purchase price. The good faith money is typically non-refundable should the buyer back out of the contract. The consideration shows that the contract is not a gift.

  • The other party must accept the offer in the contract. If the seller signs the contract, they accepted your offer. However, if the seller does not accept your offer, they do not sign the contract. If the seller wants to counter, this may be verbal until the two parties agree upon a number. The real estate agent drafts a new contract that both parties sign.

  • Finally, the contract must contain mutuality or what attorneys often call “a meeting of the minds.” By signing the contract, the parties agree that they understand and agree to the terms of the contract.

Components of a Real Estate Contract

A real estate contract must contain:

  • The buyers’ full names.

  • The sellers’ full names.

  • The address and legal description of the property.

  • The purchase price and how the buyer will pay it, whether cash, cash subject to a new mortgage, cash subject to an existing mortgage, cash with the assumption of the existing mortgage or sale by land contract.

  • The amount of earnest money.

  • How the buyers and sellers will handle real estate taxes, assessments and adjustments.

  • How the sellers will transfer title and that the title is free and clear.

  • Date and time of possession of the property or closing date. In most cases, this is the closing date since most people do not have the cash to buy the property without a mortgage. It generally takes 30 to 60 days for a mortgage to be approved.

  • A list of improvements and fixtures that the seller will include in the purchase price.

  • Any other general or special conditions for the sale and/or purchase of the property.

Exceptions

Most real estate contracts also have exceptions. If these terms cannot be met, the buyers’ non-refundable deposit becomes refundable. Common exceptions include an inspection meeting the buyers’ expectations and the ability of the buyer to procure financing. The parties may further negotiate the price of the real estate based on the inspection. The parties may also add any other agreed-upon exceptions.




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Posted by Mark Consolmagno Michelle Curran Team on 4/22/2020

Photo by CongerDesign via Pixabay

You recently purchased a home, and as a new homeowner, you’re itching to get moved into your new kitchen so you can get settled and start entertaining. Wait! Before you get caught up organizing your pots and pans, do a little preventative care. If you want a kitchen you can entertain in hassle-free, take the time to do these things.

Deep Clean

Whether you purchased new construction or an adorable 1920s bungalow, you need to deep clean. Either hire a reputable company, or take on the task yourself, but do it. Clean all the cabinets high and low, doors, knobs, any framing, behind and under all appliances that may have come with the house.

Next to tackle the sink hardware. Clean the faucet, remove calcium build up and run drain cleaner to preventatively tackle any clogs hidden just under the surface.

If your home came with an oven and dishwasher, use the self-clean settings they have and clean them yourself after. Starting with a fresh, clean slate will ensure your kitchen stays in good shape with just a little ongoing maintenance.

Test and Clean Your Hardware

Check that all cabinet doorknobs and drawer pulls are properly attached. Make sure that all your drawer tracks align and slide in and out well. Ensure that all hinges are tight and squared.

Pest Control

Check your countertop and backsplash for any cracks or holes that could be the perfect escape route for any ants or roaches that may try to find a way into your home in the future. Seal up any gaps you find with caulking or grout. Then, treat the whole kitchen with preventative pest control. You can find industrial-grade solutions online that are very affordable and will last you through the lifetime of your house. Once you treat the kitchen space, you’ll want to let it stand for at least a few hours before you wipe down the counters again and start putting away your belongings.

Preparing your kitchen for daily use and entertaining is important and is not an area you want to neglect during your move in. With these steps you’ll be ready to get things organized just the way you like and get to entertaining.




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Mark Consolmagno Michelle Curran Team
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