What Should My Partner and I Consider Including in a Purchase Offer

Purchase offers are generally completed using a standardized purchase agreement form that sets out the details of your offer. That document is not legally binding on either you or the seller of the property until it has been signed by both parties the buyers and sellers. When completing a purchase agreement form, you should consider the following issues.

CoupleContingencies

Some of the contingencies that you may want to consider include:

1.   Will you need to sell your current home, if you have one, before completing the purchase of the new home?

2. Do you need to secure the financing before you purchase?

3. Do you want the purchase to be contingent on inspections? For example, depending on whether the house does not pass the general home inspection.

What is Included?

For example, the home and land, of course, but what about furnishings. Do you want the appliances or any of the furniture, window coverings, lawn mower, or other personal property to be included in the purchase. All of those items should be listed in the purchase offer to avoid misunderstandings.

Who Pays for What?

You should include what costs that you would prefer the seller pay and what costs you will pay in the agreement. For example, title or title insurance, surveys that may be required by your lender or as a result of boundary line disputes, home and special inspections such as environmental or pests that may be required by the municipality or the state, repairs in the event problems are found through the inspections, loan closing costs, and who will pay the real estate agent commission. Your real estate agent will make you aware of any other costs that should be addressed in the purchase offer.

Information you Should Obtain

You should find out whether there are any restrictions on what the property can be used for, and whether there are any boundary line or other disputes. Depending on the state that the property is located in, the seller may be required to complete a disclosure form that lets you know if there are any defects or legal problems with the property that you should be aware of. For example, foundation problems, roof leaks, structural damage and whether any remodeling or major structural work was completed according to municipal code standards. The federal government requires sellers disclose whether there is lead based paint in the home if it was built prior to 1978.

Because a purchase offer becomes a legally binding contract once all parties have signed, it is important that you include your preferences before submitting it to the seller. Once you have submitted the offer, the seller has the option of accepting it as is, making a counter offer, or rejecting the offer altogether. If it is accepted, you can then move forward with the requirements noted in the contract, such as obtaining financing and having any inspections completed. If any of the contingencies fail that were noted in the offer, you have the option of going forward with the purchase of the home or voiding the contract.

Before making an offer on a home, it would be in your best interest to hire a professional LGBT real estate agent. He or she will know what should be included in the purchase offer and will be in a position to give you and your partner advice. You can find an agent by conducting a search in your location at GayRealEstate.com. It is important that you find a reputable agent that you are comfortable working with. Those listed on GayRealEstate.com are professionals in good standing in their areas of expertise.

Top 10 Reasons to Hire a Gay Realtor for your Home Purchase

Purchasing a home is a huge investment of your time and money. It makes sense that you would want a professional who understands your needs to assist you in the process. Below are the top 10 reasons to hire a gay realtor for your home purchase.

Gay Realtors1. You can be yourself so that you can develop a trusting relationship with your realtor. He will listen to and understand your needs. If you do not trust your realtor and do not believe he or she is working on your behalf, the process can be stressful and you could be taken advantage of.

2. Your gay realtor will assist you through the process of finding and purchasing your new home. He will keep track of all the paperwork and ensure that deadlines are met including during negotiations on pricing, inspections, etc. up to closing.

3. Laws in each state continue to change often and can have a huge affect on your rights in relation to real estate issues. Your gay realtor will be on top of housing laws and guidelines that affect the way that gay couples can purchase a home.

4. He will protect your rights during the buying process so that you can avoid the typical pitfalls that can delay or end the transaction. For example, deadlines, title issues, insurance and promised repairs.

5.  Your gay realtor will have the inside track on homes that may be perfect for you but have not yet been listed on the market. This can give you an advantage by being first in line to bid on the home.

6. Your gay realtor will let you know if a home is over or under priced and will assist you in making a reasonable offer. He will also submit the offer and negotiate with the seller on your behalf.

7. As a part of the gay community, your gay realtor will be able to tell you about the area including gay friendly businesses, local organizations, safe parks and nightclubs.

8. Your gay realtor can introduce you to members of the local LGBT community that may give you additional insight on the neighborhood and surrounding area that you are interested in.

9. Your gay realtor will know the best lenders that will work fairly with you and your particular situation.

10. Your gay realtor will be a great resource after you close on your home.

Before you hire a gay realtor for your home purchase, contact a couple from GayRealEstate.com and chat with them both to ensure you’ll get along with he/her and that you are comfortable relying on his/her advice. If you are not comfortable, you should continue your search until you find someone you trust. Building a relationship with your realtor will help take the stress out of purchasing a home and make the adventure enjoyable.