TERMINOLOGY

TERMINOLOGY


  • BUYER:

    That’s you.

  • SELLER OR VENDOR:

    The present owners.

  • PURCHASE PRICE:

    The most important number. Let’s hope the seller goes for it!

  • DEPOSIT:

    A down payment you present to the Seller or the Seller’s brokerage. The amount of the deposit is up to you, but there are guidelines that are standard in the industry.

  • CHATTELS INCLUDED AND FIXTURES:

    Be sure you know what is included with the house – the washer and dryer, the microwave, draperies, light fixtures. Don’t leave anything to ‘chance’.

  • IRREVOCABILITY OF THE OFFER:

    The length of time you give the seller to consider your offer. Usually less than 48 hours.

  • COMPLETION DATE:

    The date you take possession! Often 30-90 days after the Agreement of Purchase and Sale is signed by both parties.

  • CLAUSES PARTICULAR TO THIS AGREEMENT:

    Every transaction is unique, and you may want to add specific conditions that are important to you, such as a proper home inspection. Your Realtor can help ensure no details are overlooked in your offer.

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