Contract Considerations
A valid real estate contract must be in writing and be freely offered by the buyer and accepted by the seller. All parties to the contract must be legally competent to do business. Money or other valuable consideration needs to be exchanged for title to the property.
Keep in mind that if things go wrong, the seller could be awarded your earnest money (or buyer could require you to sell the home to him/her or pay damages). Be familiar with the terms of any contract.
Consider the contract as a whole. Is it slanted in favor of the buyer or seller? If so, consult an attorney about making changes. Analyze the document as a series of paragraphs or clauses, each written to benefit one party or the other.
Key Elements of the Contract
Price and terms
Be realistic and objective because many properties don't bring full price. Don't use price alone as a reason not to make an offer (or for the seller to counter or negotiate). A first offer may reveal what's most important - price or terms - to a particular buyer, giving the seller the key to begin bargaining.
Condition of home and inspection
The purchaser should have the Park County home inspected for soundness of construction and state of repair. Include all mandatory and voluntary disclosure statements concerning the property's condition, such as known defects in the contract.
Be careful what’s guaranteed. You cannot be sure the roof won't leak, the heating system won't go out or any other number of such assurances. Once the Park County, Colorado property is sold, the seller is no longer responsible for it.
Response deadline
You'll be giving the seller a specified timeframe to respond. Try to give them some time but too much. Other offers may come up and you want them to consider your offer quickly as to not give them time to review other offers and perhaps use one offer to increase another. A good rule of thumb is to give them as much time as you would want to consider their counter proposal if they do counter.
Settlement date and occupancy
If you have another property under contract, seek a settlement date that will enable you to take your sales profits to the next closing. Be realistic; as a buyer you will probably need at least 30 to 50 days to arrange financing and close on your Como or Jefferson property.
Finalizing
Everything in the offering contract is negotiable. When everyone has agreed to the terms, initialed the changes and signed the contracts, you've got an agreement binding on all parties for your Alma or Fairplay property. All that remains is removing contingency clauses, arranging financing and clearing title.
For help in buying Park County Property, please contact John on his cell at 719.839.9281 or email him at john@summitreasures.com. For more information about Park County, Colorado including pictures, please visit www.SummiTreasures.com.
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