How To Write a Perfect Purchase Offer for a Lakeland FL Home
When writing an offer to purchase a house, buyers typically rely on real estate professionals. If you are going to be doing this on your own as you so freely can, especially buying a “For Sale By Owner”, it is helpful to understand more about these important contracts.
Home buyers usually rely on their Lakeland FL agent or real estate attorney to write their purchase offers. It is safer to have it written by an agent since the offer must follow all the state’s laws about buying a home. But if you plan to do it on your own or would want to assist your agent, then it is important to understand how to write the perfect offer to purchase that Lakeland FL home.
1. Get the right form.
First, you will be needing the appropriate form for your state and type of purchase. Every state has different forms for different types of purchases and properties, so make sure to get the right one and the current form. A strong offer starts with having the right form and this is where your Lakeland FL agent will certainly advantageous to you and also be able to help you.
2. Property address & legal description
The first section you have to fill out in the form is usually the address of the property so make sure to verify the address of the Lakeland Fl home you intend to buy and make sure you fill out the form with the right address before proceeding to the next part. More importantly, you must have the correct legal description of the property for title examination/search and recording after the purchase. You may get the correct legal description from a previously recorded Deed.
Next, you are required to state the price you are offering for the Lakeland Fl home. You will also need to include information on how you intend to pay. This is usually done with cash or a loan. If you choose to obtain a mortgage loan, you want to make the offer to purchase contingent upon you getting approved for the loan. Outline the details of the loan and your earnest money deposit on this section and make sure to include the amount of earnest money you are willing to pay.
4. Closing details
There will be a section on the offer form asking for information about the closing. This includes the date when the home will be paid for and when the seller will transfer the deed to the buyer. Closing usually happens 30-45 days after the offer is accepted. You will also find which documents the buyer, seller, Lakeland FL agents, or attorneys will need to prepare to bring to closing which are in compliance with state requirements.
Almost all offers are contingent on inspections. These contingencies should be included in your offer. The law states that buyers may have up to 15 days to check for lead paint unless it is waived in the contract. It would be best to get your own appraisal, if you are paying cash and home inspection. Some states even require a termite inspection. Other examples of contingencies are selling your current home. Think about all the things that might prevent the offer from being accepted by the seller and make sure all these are included in the contingency section of the offer.
The contingency section should specify that the seller grants the buyer and the buyer’s inspector access to the Lakeland Fl home for inspection purposes. You may also want to state that you will not call government inspectors to do the inspections. Some sellers do not want government inspectors on their property for fear of citations on zoning infractions.
You could also include in the contingency that the buyer has the right to do these inspections and the seller should make necessary repairs to damages found as a result of the inspection. Then you should add that the buyer can back out from the deal if the seller refuses to make the necessary repairs.
Responsibility for home inspections vary from state to state. Some states require the buyer to do the inspections and some states oblige the seller to do the inspections. Whatever the case, it should be clearly stated in the contingency section who is going to pay for the cost of inspection and how much of the cost of repairs the seller will pay. This is usually stated as a percentage of the sales price, such as 3% of the selling price. Any amount above that will be the responsibility of the buyer.
Take note that most sellers will not accept offers with too many contingencies, especially if they have other offers with fewer contingencies. Include only those items that are really important and necessary.
The offer must have a section solely for repairs. If the results of the inspection show that repairs are necessary, state in the offer when the repairs need to be finished. For example, you may state that repairs need to be done at least a week before the closing date. You may give the seller a little allowance by stating that this could change if both buyer and seller agree in writing.
7. Payment of fees
Fees involved in the sale of a Lakeland Fl home are negotiable. It would be best to ask your Lakeland Fl listing agent what is customary in that area. In some areas, the seller usually pays for the title transfer. Some areas will require that the buyer shoulder all closing costs. Delegation of fees will depend on your negotiation with the seller but keep in mind that if you do not follow what is customary in that area, you must be prepared for a counteroffer.
8. Expiration of the offer
To ensure a prompt response from the seller, state the expiration date of your offer in the last section. Ask your Lakeland Fl listing agent how much time is usually needed and if your expiration follows state laws. Give the seller enough time to respond.
You must also state in this section to whom the accepted offer will be delivered to, whether to you (the buyer) or your Lakeland Fl agent. It is advisable that you use a real estate agent or an attorney who would be available to take the accepted offer any time. If you are unavailable once the accepted offer arrives, there is the danger of the home going to another buyer.
8. Finishing touches
The last section should state what items are included in the sale of the home in Lakeland FL. This is where you could also add instructions for the attorney or escrow agent. Finally, state in the last part the place where the buyer and seller will sign the contract.
Remember, the biggest mistake homebuyers make is doing it alone. Writing a purchase offer could be tricky, so make sure to get the help of an expert Lakeland Fl real estate agent to guide you in writing the perfect offer for your dream home.