Put it in Writing
Put your negotiations in writing. Don't reveal your strategy, and don't make oral offers. You want to buy the house, but you don't want to hand over your money until you're sure the seller is legally capable of conveying a good title and meeting other conditions. The seller, in turn, doesn't want to deliver the deed until you've paid for the property. Now what? You present the seller with a written contract setting out the commitments and promises that you and the seller need to agree on and fulfill to make the sale. A well-drawn contract should protect all parties.
The first contract you submit should be comprehensive; everything of any importance should be included. Once the seller accepts it, it may be too late to add or change anything. Your contract should include:
- Offering price
- Down payment
- Legal description of the property
- Method of conveying the title
- Fees to be paid and who will pay them
- Amount of deposit
- Conditions under which the seller and buyer can void the contract
- The settlement date financing arrangements
- A list of appliances, furnishings and other items being sold with the home
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