A Real Estate Contract is a contract like any other, which by definition means,

“a written agreement that is intended to be enforceable by law.” All elements of the real estate contract are equally important – sales price, closing date, number of days for inspections and dollar amount for repairs, to name a few.

Don’t write a real estate contract thinking you can arbitrarily change variables at a later date. Write a realistic closing date, for example – one which your Lender has confidence you can meet. Yes, we know there will be exceptions that can never be predicted, but please write a contract with which you can comply, to the best of your knowledge.

Changing type of financing in the middle of Underwriting can cause delays, and often repairs can cause delays. But certainly do YOUR due diligence to write a contract with terms you believe are realistic. If you think your VA financing may take 45 days to be approved, write the closing date 45 days out.

Real estate transactions do fall through because financing is ultimately rejected, and this is simply unacceptable. Home Buyers need to supply Lenders with ALL requested documents (W-2s, paycheck stubs, bank statements and tax returns) and go through initial Underwriting BEFORE EVER WRITING an offer on a property for sale.

Real Estate Contract – enforceable by law

Real estate is not a game and entering a contract in which you are unable to fulfill is more than irresponsible. Make sure you are working with a real estate professional who will explain all terms of the contract to you – and make sure that you are able to meet all terms of the contract.

Purchasing a home is a rewarding experience and a great investment. Please remember that you are contractually obligated to follow through in a real estate transaction supported by a legally-binding contract. So before you add your signature, make sure that you understand all terms and repercussions for breach of contract.

If you would like professional representation in your real estate transaction, please do give me a call! 918-852-5036

Content written and published by Lori Cain.