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The Offer To Purchase

Also known as the Real Estate Contract, your offer is just an offer until the Seller(s) accept it.  Verbal negotiations may be done over the phone once the Seller acknowledges your offer but nothing in real estate is final until all parties have signed.

Every time you make an offer, the other party has three options:

1. Accept the offer,

2. Reject the offer. or

3. Offer to Renegotiate.

Each time a counter offer is made, the chance of the other party rejecting the offer increases. Your Real Estate Agent acts on your behalf to negotiate the best price and terms for you.  You make the decisions;  your agent uses the strategy most likely to get you the most of what you want.

The base Real Estate Contract is about 10 pages long. Appropriate addenda and amendments become part of every real estate contract.  One addendum is used on all purchases of homes built before 1978 – the Lead Based Paint Addendum.  This is a federally required document.  Other addenda will be required according to the property, other federal, state and local laws, the time of year, the choice of financing, seller or buyer time-lines, closing and possession arrangements, the real estate agency/brokers representing the parties, changes made after certain deadlines, etc.

The real estate contract and all addenda and amendments are standardized. This means that the Kansas City Regional Association of Realtors© (KCRAR) has drafted, audited and approved each and every change made every year.  The attorneys for the KCRAR as well as the attorneys for most of the larger brokerages have agreed upon certain wording that adhere to all applicable federal, state, and local laws and ordinances.  If major changes occur in real estate law that require a change in the contract, your real estate agent will make sure the correct documents and are used.

The base contract and all addenda and amendments are also designed to allow for customization. There are specific lines and spaces where additional terms may be entered.  Your Realtor© will add the terms you request in the correct places using the appropriate terminology.  Words, lines, and/or paragraphs may not be altered, changed or crossed through.

Your Realtor© will go over the contract with you before you sign anything. Do not sign anything until your Realtor© tells you it is time.  Any questions that you may have will be answered so that you understand what you are signing.

Some common addenda and amendments:

Inspection Notice

Resolution of Unacceptable Conditions Amendment

Franchise Disclosure

Agency Disclosure Addendum

Financing Addendum

Counter Offer Addendum

New Homes Allowances Addendum

Fire Sprinkler System Disclosure

Short Sale Addendum

Equity Protection-Right of Rescission Addendum

There are also contracts between the Seller and their Agent, the Buyer and their Agent and forms the Agent uses with MLS when listing a house.  You will probably be most interested in the Buyer’s Expense Worksheet which shows you the estimated costs of buying a particular house.

We will go over the points that apply to you and your situation as we go along.  We will take as much time as you need to feel comfortable at each step in the process.

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