Making an Offer

Making an Offer. One property will begin to stand out in your mind even after full disclosure of its drawbacks.  Spend some time with your banker. Then negotiate a price your family can afford. Any buy/sell contract must be made contingent on securing a loan.  Anticipate some sleepless nights as you make an offer, hand over the earnest money and wait for a reply from the seller.

Give serious consideration to a property inspection, which may be done at the buyer’s expense. Closing can be made contingent on resolving issues the inspector finds.  A home inspector visually examines a home’s major structural, mechanical, plumbing and electrical systems.  The attorney can help you review the inspection report and negotiate with the seller for repairs or discount the price for needed repairs.

 Consider a professional home inspection, which may be done at the buyer’s expense. Closing can be made contingent on resolving issues the inspector finds.  A home inspector visually examines a home’s major structural, mechanical, plumbing and electrical systems.  The attorney or buyer’s agent can help you review the inspection report and negotiate with the seller for repairs or discount the price for needed repairs.

The buy-sell contract will contain all of the terms of the sale:

1.  Names and addresses of sellers and buyers

2.  Earnest money paid

3.  Purchase price and down payment amount

4.  Financing arrangements

5.  Conditions, such as getting a loan

6.  Legal description of the property with easements

7.  Requirement for good and marketable title

8.  Property condition

9.  Closing and possession dates

10.  Statement of closing costs

11.  Who bears the risk if the property is damaged before closing

12.  Liens against the property

Before signing a buy/sell, you may want to have an expert review the contract. An attorney can identify problems or help you add needed conditions. Please contact Mark Mackin, Attorney at Law in Montana for assistance.