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Negotiating the terms of a home purchase

On Behalf of | Nov 28, 2018 | Residential Real Estate

There are many different items that can be negotiated when buying a home in Delaware or any other state. For instance, it may be possible for a buyer to ask a seller to contribute to the closing costs. Generally speaking, closing costs equal up to 5 percent of the cost of the home. These costs can be covered upfront or provided to a buyer in the form of a credit.

To improve the chances of an offer being accepted, buyers can offer to close the deal in a timely manner. However, buyers should ask to be granted as much time as necessary to inspect the home and obtain financing. If any issues are discovered during the inspection process, it may be possible to ask that they are taken care of by the seller. Alternatively, the price of the home may be reduced to reflect the true condition of the property.

If there is a warranty on a home, the seller may agree to pay the premium. When the home is sold, the buyer will then be responsible for any deductibles incurred on future claims. In some cases, a home will be shown fully furnished. Buyers who want the home to be sold with the furnishings can ask for them to be included in the purchase contract.

When completing a real estate transaction, the contract terms can be as flexible as the parties involved want them to be. Buyers and sellers may wish to take a final purchase agreement to their attorneys for review. This may make it easier for both sides to determine if the deal is in their best interest. An attorney might also help buyers better understand the terms of their home loans prior to financing the purchase of a residential property.