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Buying a Home-Real Estate Purchase Agreement

The largest investment most of us will ever make is in the purchase of a home. Buying a home-particularly your first home, or the home you plan to raise your family in-is an anxious and stressful process that occurs over months, and can be the best or worst decision you ever make.

For families everything from school districts and crime, to proximity to a job, to traffic and weather, and much more depending on the person or family, play into the choice; for older couples seeking a down size from their family home now that the kids have moved on, or who are looking for that perfect vacation home, location to amenities such as shopping, dining or scenic views, as well as aspects like standards that preserve the peace and beauty of where they live become more important. For first time buyers the process is particularly stressful, but regardless of the situation, everyone purchasing property of any kind must eventually deal with the Real Estate purchase agreement they sign-typically the most stressful aspect of buying a home.

Your Real Estate purchase agreement is exactly as it says-it contains the terms and conditions under which you are agreeing to buy your home (or property). Even though there are generic contracts that can be found online, state requirements do vary, and they can become much more involved if you’re buying an investment property, or a property for the purpose of opening a business where county and city requirements can be involved. In the purchase of a home, your purchase agreement is where you will find items such as inspection requirements; requirements by the seller to fix specified issues found in any inspections; and your closing date. Renters of single-family homes using some form of rent-to-own option will also have to sign and agree to this purchase agreement.

In and around Fort Myers and Lehigh Acres, home buyers and renters should be aware of an additional element to purchasing agreements: community standards. Among the dozens of gated communities which dot our area, and all of southwest Florida, home buyers should be wary of what community standards they are agreeing too, if you’re buying a home in one of these gated communities. Often times these community standards are presented as a separate document due to the fact they can cover everything from whether or not you can have a business vehicle in your driveway, or what color you are allowed to paint your house.

Given that much of Lehigh Acres is subdivided, buyers in these areas won’t have to concern themselves with the differences in community standards in the purchase of their home. However, as with anything we buy-especially when it comes to the biggest investment most of us will ever make-it is buyer beware. All buyers should read their real estate purchase agreement thoroughly before signing for something that the financial ramifications of will impact the rest of your life, and it is the job of a licensed Realtor to steer you through this process and help you avoid making a decision that could bring you to financial ruin in the future.

 

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