Here’s a quick summary of what you’ll see on page one of our residential purchase contract: Four sections outline the different aspects of the purchase.
In the first section, we’ll address who the offer is from, the property address, the purchase price, and how soon you’re looking to close escrow (typically this ranges from 30 to 45 days).
In the second section, we’ll discuss agency. Since we’re representing you, we list our brokerage’s name as your representative.
In section three, we’ll go over the initial deposit and write down what you’re willing to put down in good faith. We’ll also go over the loan amount you’re looking to obtain. We’ll let the other party know what your estimated loan amount will be and how much you’ll borrow before escrow closes.
Finally, the last section will address your final down payment, or how much you’ll need to bring at the close of escrow.
If you have any more questions about this topic, don’t hesitate to reach out to me. I’d love to help you.
