Real Estate
Three purchase conditions to consider when buying a home
Buying a home is one of the biggest investments you’ll ever make. Therefore, it’s important to include specific conditions in your purchase offer to protect your interests. Here are three you may want to consider.
1. Appraisal. An appraisal condition protects you from over¬paying for your home. In short, it ensu¬res you don’t lose money if there’s a large discrepancy between what the home is worth and what you agreed to pay for it.
2. Financing. Including a financing condition in your purchase offer gives you adequate time to get approved for a mortgage. It gives you a way out of the contract if you cannot secure financing and prevents you from losing your deposit if your application is denied.
3. Home inspection. This condition allows you to hire a professional to inspect the home for structural, electrical, plumbing, or superficial issues. This enables you to decide whether you want to proceed with the purchase, negotiate a lower price or ask the seller to complete repairs before moving in.
Finally, working closely with a realtor and lawyer when preparing an offer to purchase a property is crucial to ensure you don’t get blindsided by unforeseen circumstances.
