Purchasing your home can be an exciting moment. You may want to close the deal quickly and move into your new home as soon as possible. However, it is important to take your time to carefully review the conditions in your agreement of purchase and sale prior to signing to ensure that you are satisfied with your purchase. Here are some conditions that you should include in your offer of purchase and sale to ensure you do not face any challenges in case the deal goes south.
Financing term. If you require a mortgage to purchase the home, you should always make the deal conditional on you being approved for financing and even obtaining your mortgage.
Home Inspection. This condition will allow you to conduct a thorough home inspection with a home inspector and identify any defects in the home. It will allow you to walk away from the deal in case you find some serious issues.
Fixtures/Appliances. To ensure that the home will be sold with any of the appliances or fixtures, it is essential to list them in the agreement. Otherwise, the sellers will the right to remove them and take them to their new property.
Sale of Current Home. You may make the purchase of your new home conditional on the sale of your existing home. This will allow you to break the contract in the event you fail to sell your home.
A deposit can be made conditional upon other events you decide fit your situation. If those events do not occur, you will be able to return your deposit. Otherwise, you may lose the deposit and may even be ordered to pay additional costs.