Lee Morof's Real Estate Blog

When dealing with a purchase contract for your Royal Oak Michigan home for sale, you need to look in the actual print for a few things before you sign on the dotted line. Your real estate agent and/or lawyer will be able to point out glaring deficiencies, inconsistencies or other things not in your best interest. However, the more you know about the purchase contract yourself, the better chances you have of getting a good deal on your Royal Oak Michigan home for sale.

Here are four points to ponder in your purchase contract:

Closing Date
Sometimes a buyer may want to wait a month or two before taking over the title. You want to check the closing date against your own schedule and make sure it’s acceptable. Don’t be inflexible.  In this highly competitive real estate market, be willing to negotiate on the closing date – unless, of course, you don’t have a choice.

Remaining Property
Contracts range in terms of what fixtures and personal property will remain with the home. In a few cases, the contract entitles the buyer to everything on the property. In other cases, the contract entitles them to nothing more than attached (ceiling) light fixtures and electrical socket covers. Carefully read over what the buyer expects to remain with the home and make sure you agree.

Contingencies
The factors a buyer may want in place before the contract is finalized may be more than you’re willing to deal with. For example, the buyer may want an inspection before signing, or they may want to sell their own home. They may want the contract reviewed by their lawyer or they may still be waiting for their mortgage to be approved. 

The problem with contingencies is they can drag on much longer than you expect them to. To be safe – even if you’re okay with the contingencies – set a time limit for them to be accomplished. This way, your sale won’t drag on forever without ever closing.

Expiration Date
Finally, pay attention to the expiration date of the contract. You may have eight hours or eight days to accept, reject or counter the contract. Pay attention to how long you have to consider the offer for your Royal Oak Michigan home for sale.

If you’re trying to sell your home and need a knowledge agent on your side, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Attorney
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640