Understanding the Plano Real Estate Contract

If you are going to be buying or selling Plano Real Estate you need to fully understand the terms and conditions of the sales contract. If you do not you could loose thousands of dollars or you could loose the purchase or the sale of the home. Hiring a professional Plano Realtor is the single most important thing you can do to protect your interest. But is this enough? The answer is a resounding no! While your Realtor has a fiduciary responsibility to protect your interest no one will protect your interest better that you will. It is your house and it is your responsibility to study, research and ask questions in order to understand every aspect of your home purchase or sale.

With Plano real estate or any DFW real estate, as a home buyer you need to make sure that the sales contract contains a financing contingency which will let you out of the contract if you are unable to obtain financing for the purchase of the home. You also want to make sure that the contract contains an appraisal contingency that states that if the property does not appraise for at least the amount of the contract price then you can get out of the contract.

As a seller you want to make sure that the buyer puts up a good size earnest money deposit, a bare minimum of at least 1% of the sales price. Also, make sure that the buyers provide you with a per-approval letter from their mortgage lender. The letter should state that the lender has checked the buyers credit scores, verified their income and checked their assets and debt ratios and that based on this information the buyers qualify for a mortgage to buy your home.