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. The Contract: Legally Binding
-The Offer-
Once an offer is submitted on the property,
your Realtor â will submit it to you in a timely manner. Upon review,
you'll then decide whether it is accepted or rejected and your agent will proceed
with the required process in which to obtain an offer that is acceptable to
all parties. Once this is accomplished, the deal is on its way to being signed,
sealed and delivered!
-The Contract-
When all parties are in mutual agreement to the asking price, terms and conditions of the contract, it then becomes legal and binding. Contracts are enforceable by law and can be held as evidence in any court. A contact signed by both the Buyer(s) and Seller(s) is legal and becomes a binding Agreement. Verbal offers are not practical and will not be accepted.
Once an offer is accepted, your home is now “UNDER CONTRACT.” However, our Realtors® will
continue to market your property, in the event the contract falls through or
for potential multiple offers that may result in one that wins out over the
first offer made.
-Earnest Money-
Serious buyers will submit Earnest Money with an offer. It is accepted by the Listing Agent (sellers' representative) and will be held in an escrow account via the listing brokerage until the time of closing. Should a buyer(s) refrain from purchasing the home, and does not timely notify the seller, the earnest money is forfeited by the buyer(s). Should timely notice be given, the earnest money is returned to the buyer(s) in full.
-Termite Inspection-
Important! We recommend that you obtain a Termite Report prior to the date of closing. Termite clearance letters are good for 30 days. The letter states, at the time of Inspection, that there were no visible signs of termite infestation. However, if termites are found, they will have to be exterminated or the closing may be postponed or cancelled, depending upon the severity of the infestation. If the damage caused by the termites is too severe, it may prevent you from selling your home.
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