What Should I Look For When Reviewing a Real Estate Contract?

 

 

Video Summary

 

Hi, I’m Chip Waller.  What should I look for when I review a real estate contract?  Well, what I would suggest you do is read the whole thing.  Don’t just read the blanks; it’s amazing what you’ll learn when you read it. Most people only look at the price, the name, the closing date, and some of the terms.  But there’s an awful lot of stuff in those contracts, particularly if the contract goes south and you’re unable to get your financing or you change your mind or find something wrong with the property.

So my biggest suggestion to you is to read the contract, not just what’s put in the blanks.  Or have someone, other than a real estate lawyer, tell you what it says.  Because most people just look at the blanks and they don’t pay any attention to the printed portion, assuming it’s a standard contract.  Now, you don’t know what a standard contract is or the terms, so that’s my biggest admonition to you is to read the whole contract.  Read all those six or seven or eight pages they have; it’s not too difficult to read.  There’s many times there’s options involved that you can select, such as your closing agent or title agent.

Some of the practical things as far as contracts are concerned is if you’re buying a house, such as utility insurance, have inspections, things such as that.  So, whenever you look at contract, read it.  It’s amazing what you’ll learn and then you should start asking questions of the realtor or whomever.  And then if you have any other questions, well, give me a call at 727-847-2288 and I’ll be glad to discuss it with you.  Thank you.