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Important Conditions and Clauses to Include when Making an Offer on a Home    September 11, 2013, 6:07 pm

When making on offer or signing a contract to purchase a home it is important that certain clauses and conditions are included in the terms of your offer. The home buying process can be overwhelming and overlooking the details may prove to be detrimental. In order to ensure you're protected, it is imperative that you consult with a New York City real estate attorney when making a purchase. Below is a breakdown of the most important conditions and clauses that should be included in your purchase agreement.

Finance Terms
If you're like most people and need to obtain a mortgage in order to buy a home, your purchase offer should clearly state that your offer is contingent upon securing financing. If you're obtaining a certain kind of loan such as an FHA or VA loan, be sure to specify this in your contract. If you're paying all cash, be sure to state this in your offer as it is very attractive to sellers and can give you a leg up on the other buyers. If you're unsure what type of finance terms you should include in your contract, simply consult your NYC real estate lawyer for advice.

Closing Costs & Fees
When consulting with your NYC real estate attorney, be sure to discuss whether the buyer or seller will pay for certain fees like escrow fees, title search fees, title insurance, notary fees, transfer tax, etc. If you want the seller to pay a part or all of your closing costs, you must specify this in your contract. 

Home Inspection
A home inspection contingency is an extremely important condition to include in your contract and/or offer as it allows you to “walk away” from the deal should the home need significant work or bears severe structural damage.

If you want certain appliances like the stove, washing machine, dryer, refrigerator, or any other fixtures, be sure to state it in your offer. Do not rely on a verbal agreement with the seller when it comes to what should stay, and what should go.

Closing Date
Your New York City real estate attorney will likely advise you on what is an appropriate closing date depending on your arrangement with the seller, but it typically ranges anywhere from 30-60 days. When closing on a home, it's important to specify the closing date as you may need to relocate, sell your current home, have a remaining term on a lease if you're a renter or have a host of other issues that need attention before you're ready to move.   
The bottom line is simple when it comes to making an offer and including the proper terms and conditions: don't agree to or offer what isn't feasible for you. A good nyc real estate lawyer will make sure all of your bases are covered, but you must be upfront and honest about your expectations and what you can afford. While a skilled attorney will not leave any details out of your contract, it is always good to educate yourself on the key components to buying a home.