Your REALTOR ® has expert knowledge of the purchase contract and works with you to negotiate on your behalf. BUT, there are some key details you should be aware of before you sign!
Attached and unattached goods are a key detail in every purchase contract. This section outlines which goods are included in the purchase of the home and what goods the sellers plan to keep/remove.
As a general rule of thumb any items that are secured to the homes structure and can not be removed without causing damage are considered to be attached. Unless an attached item is specifically noted as an exclusion on the MLS listing or written into the purchase contract as an exclusion, these goods are expected to stay with a property after purchase.
Examples of attached goods: Garburator, water softener, central air conditioner, central vacuum system, garage door opener
Examples of unattached goods: Window coverings, remotes for garage door opener, central vacuum attachments
Scenario: If you have a TV mounted to your wall the TV would be considered unattached BUT the TV mount itself would be considered attached as it can not be removed with out some form of damage.
Ultimately your possession date will depend on what happens during negotiations and what each party agrees to. A couple things to keep in mind when choosing a date:
Pick a weekday - this makes for a smoother close as banks and lawyers offices are open. If anything should come up on the day of possession you want to make sure you can contact these professionals!
Leave yourself enough time - There are many moving parts in the transfer of real estate. To minimize everyone's stress it's best to give yourself a minimum of 30 days to ensure the homes title and funds can be transferred on time.
Deposits are used to secure your deal once the offer has been accepted and make up part of your down payment for the home. The amount of the deposit and the date it's due are negotiable but is generally due within the first 5 days of the accepted offer. The deposit is delivered to the seller's brokerage and remains in a trust account until title of ownership is transferred. If your deal is conditional and you choose not to waive these conditions your deposit is returned to you.
A second deposit may be negotiated as part of the contract. This amount and its due date are negotiable but generally the second deposit is delivered after all conditions have been waived. What's the point of the second deposit? It can be used to demonstrate you are a serious and qualified buyer while providing assurance to the sellers.
Adding conditions to your offer to purchase is the best way to protect your potential investment. They provide you with time to get final approval from the bank, have a qualified inspector in or have a lawyer review done. In the offer to purchase you will see the following,
Financing - Usually lenders want at least 2 weeks to go through the mortgage file and issue a firm approval.
Home Inspection - It's important to get a home inspection done ASAP once you've had an accepted offer. You'll need to leave yourself enough time for the inspector to submit their report, review it with your realtor and chase down any quotes for items needing repair.
Additional Buyer's Conditions - If there are additional conditions to your home purchase such as needing a lawyer to review unordinary legal documents or if its an investment property and you want your accountant to review the financials first, this is your chance to add that in. That means if your lawyer and/or accountant advised you against proceeding with the purchase you are within your conditions to revoke your offer.
Seller's also have the option to add conditions to a purchase contract although it is not common to see this.