Buying a home in Florida is an exciting accomplishment. Because there are so many moving pieces, knowing what to expect may reduce your stress and improve your chances of a successful experience.
A purchase agreement is one of the most significant contracts you will sign. This formal document details the obligations of both parties during the transferal of homeownership.
Contingencies and warranties
There are rarely purchase agreements that do not include some contingencies. Examples of some of the contingencies you may see include the following:
- Financing requirements
- Inspection and appraisal requirements
- Home sale requirements
According to Realtor, contingencies protect the seller. Often, until you satisfy every contingency, the sale process will not finalize. A purchase agreement may also include information about any warranties remaining on the home you want to buy.
Transferal and possession
Your purchase agreement will detail the process for transferring home ownership from the current owner to you. Reading through the terms and conditions of this process can help you prepare for the next steps. You should also see a clearly written date for the possession of the home. This is the closing date or the day where you will officially own the property outright.
Sometimes sellers use deception in parts of the purchase agreement. Even though it may seem excessive, your decision to read the contract in its entirety can help you identify suspicious parts that could end up ruining your experience. You may choose to work with an attorney to read through the contract. Relying on a professional can help you have the peace of mind that you understand everything correctly and have what you need to proceed with the purchase.