ELEMENTS OF A PURCHASE CONTRACT

» Price

» Earnest Money

» Legal Names of Buyers/Sellers

» Address and legal description of the house

» Payment of property (what kind of loan you’re getting)

» Closing date

» Contingencies

Contingencies

» Inspections/Due Diligence

» Loan documentation/Processing

» Appraisal

» Homeowners/hazard insurance

» Title/HOA Documents

» Disclosures from Seller

» Survey (depending on property)

Notes:

Helpful Tip:

Inevitably, one of your appliances or major systems in your home will need repaired or replaced. Water will pour from the bottom of your dishwasher, your dryer will no longer dry, or your furnace will go out on the coldest night of winter. A home warranty is your best bet for protecting your budget from costly repairs and/or replacement. A home warranty typically covers most major components of large home systems, such as your HVAC, hot water heater, plumbing, and electrical system. It may also cover appliances such as washers, dryers, refrigerators, and stoves. You may also be able to purchase additional add-on coverage for things like a hot tub, second refrigerator, or garage door opener.

Your Real Estate Agent can help you learn more and purchase an appropriate home warranty.

home warr•an•ty (noun)

/hohm wawr-uh n-tee/ A one-year service contract that covers repairs and replacements of most major home appliances and system components due to failure, standard usage, and other problems that happen due to age.