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Writing the Contract

When you have located the home to purchase your Realtor will write a contract.  The contract has a couple of different names; in Idaho, Realtors have an agreement called the Earnest Money Agreement.  This consists of a 7-page document that covers most of what you are willing to do to purchase the home.

Any time you submit an offer to the selling agent “Time is of the Essence”, this means that the document has dates and times that must be adhered to. We will talk about each page here

 

 

  • Page one has information about the buying a selling real estate companies and their brokers.  It will have the legal info about the property and the address.  It will contain the price you are offering along with the way to fund the amount such as the type of loan.

  • Page two contains any other terms and conditions. This is where your Realtor would place anything that would require action outside of the contract.  It also is the area that you would include what is included in the sale, such as a refrigerator. It also explains the homes Title and Title insurance.

  • Page three is all about getting a home inspection.  This is considered a contingency which means you need to either get one or sign off that you don’t want one.  (Home inspections are highly encouraged).

  • Page four is the area that discusses the property disclosure and who pays for what.  This property disclosure is the document the seller signs that describe the current and past condition of the home.

  • Page five speaks to Real Estate terminology concerning this contract and who will be the closing title company.  It also covers the closing date or when you actually own the home.

  • Page six consists of your time of final walk through (usually a couple of days before closing) and other Real Estate terms.

  • Page seven is the final signature page


Once the offer is written and signed it is sent to the selling agent and either accepted to counter offered.  When all parties come together there is a contract and can move forward to the closing!




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silvercreek realty

Silvercreek Realty Group
1099 Wells St Meridian, ID 83642
PH: 208.631.2754 | FAX: 208.401.1114

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