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    Purchasing Residential Real Estate: The Parties and The Contract
    Purchasing Residential Real Estate: The Parties and The Contract
    Purchasing Residential Real Estate: The Parties and The Contract
    Ebook36 pages41 minutes

    Purchasing Residential Real Estate: The Parties and The Contract

    By Randall Beach

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    About this ebook

    Purchasing Residential Real Estate is a series of short e-books designed to educate consumers on the process of purchasing a home. The purchase of a home is very often the biggest, one-time investment many of us will make in our lifetimes. This first installment, The Parties and The Contract, focuses on introducing potential home buyers to the players that they will meet and interact with while purchasing a home, and reviews the most important terms and conditions of a typical residential real estate purchase agreement. After reading this short work, home buyers will better understand the roles of the various professionals involved in the purchase transaction, and be familiar with the basic terms of the purchase agreement they will be asked to sign in order to obtain their dream house.
    LanguageEnglish
    PublisherBookBaby
    Release dateDec 17, 2013
    ISBN9781483515731
    Purchasing Residential Real Estate: The Parties and The Contract

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      Book preview

      Purchasing Residential Real Estate - Randall Beach

      WORK.

      Introduction

      In 2012, 4.65 million existing homes were sold in the United States¹. That’s a big number, particularly when the housing sector is just now beginning to come out of a five year slump. Think about it. That means 4.65 million individuals and families purchased a home in 2012! By all accounts, annual sales for 2013 should be even higher, as the sector recovers and begins to return to a normal level.

      The number of nation-wide home sales seems even more significant when you recognize that, for the vast majority of families, the purchase of a home represents a huge investment. Some will purchase one home and remain there for the rest of their active adult lives. Increasingly, though, more people will purchase several homes throughout their lives as they relocate both geographically and economically. Regardless, for most people purchasing their home is the biggest single investment they will make.

      Most people naturally get more concerned with their purchasing as the price tag of the target item increases. The Average Joe does not think much about the $20 purchase he makes on a weekly basis. Plopping down $2000.00 for the newest flat screen TV though, is more likely to involve more thought. That purchaser might take some time to do a bit of on-line research before making the decision to purchase the $2000.00 flat screen. And the new family car? How many of us randomly walk into a dealership and purchase a $30,000.00 car on a whim?

      So what about purchasing a home – the biggest purchase many of us will ever make in our lifetimes? Luckily, there are thousands of well-trained real estate brokers and agents out there to help guide purchasers when it comes to selecting a new home. Ideally, these real estate professionals are there to help a purchaser: (i) determine the type of house they are looking for; (ii) determine the type of house they can afford; and (iii) find that home in the selected geographic area of their choice.

      When it comes to making the biggest purchase of their lives, homebuyers have an incredible resource to look to in real estate brokers. Of course, as in all things, some real estate agents are better than others,

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