When closing the deal of your new home, your seller's agent can help you draw up the contract, and most likely has a standard form to use for that purpose. However, you should keep in mind that the seller's agent has the seller's best interest in mind. For this reason, it's a good idea to get legal help preparing a purchase and sale agreement.
Unless you are working with a buyer's agent, you should hire an attorney to look over any documents before you sign them. There are also other tips to help making your closing go well in your favor.
Take Extra Precautions
In some states, it's customary for buyers and sellers to sign the purchase and sale agreement before it has been reviewed by an attorney. If this is the case in your state, be sure to take extra precautions. You can protect yourself by including one important phrase on the document prior to signing it. It should read: "Subject to the Approval of the Parties Within X amount of days."
This gives you a certain amount of time for your attorney to look over the agreement before it becomes legally binding. You don't want to sign an documents if you are not sure what it entails.
Ask For a Final Walk Through
It is a good idea for you to ask for a final walk through. This type of provision added to your purchase and sale agreement gives you the right to walk the house just prior to closing, so you can inspect it. During this walk through, you can make sure that any repairs that the seller agreed to make have been completed as promised. You can make sure these repairs are done to your satisfaction.
If you have a problem with the way these repairs were done, or you find other problems with the house, you can discuss this with the real estate agent and sellers before signing any closing documents.
Understand Earnest Money
After you and the seller have signed the agreement, you are expected to close the deal by paying the seller some earnest money. This is your tangible symbol that you plan to live up to the contract you signed. Once you've paid this money, make sure it is deducted from your down payment when you do actually close on the house.
Remember, if the home purchase does not go through, you should get your earnest money back plus interest. Unless, you failed to live up to the terms of the contract; then you must forfeit the money.
It's a good idea to work with real estate agent for you, the buyer, who can help close the deal and protect you. He or she understand the legalities of the process and can help make sure it all goes smoothly.