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ContractsIf you are purchasing a new home, you will likely be asked to sign one of two contracts. One may have been written by the local association of Realtors, and the other possibly authored by attorneys from your Home Builders Association. As a purchaser, you'll prefer to use the contract from the Realtors, if possible. It's more friendly to you. If your builder wants to use the HomeBuilders form, have it reviewed carefully by an attorney or real estate professional. Be sure you understand the differences. For example, some contracts specify that if for any reason you cannot complete the transaction, you are entitled to a refund of your earnest money. Other contracts (sometimes not so clearly) state that the money is non-refundable. You really need to have an agent representing you when you buy a new home. If the builder you are considering makes it clear that they do not want you to have representation, proceed with great caution. Just because it's in the "boilerplate" contract, doesn't mean that it has to be there. Clauses can be eliminated or stricken...but you need a real estate professional to walk you through that minefield. Do not rely on contracts purchased from office supply stores. Laws vary from state to state, and even one sentence missing can cause you great distress later. Many realtors purchase the contract forms and have them available to you, so if you are working with a Realtor he or she should have them. Written by attorneys, these forms cover a wide variety of different and complex situations. A well written contract is critically important. Incidentally, many professionals have these forms incorporated into their computers. For example, many agents carry a laptop computer with them and when a contract needs to be prepared, they launch the software program on their computer. They will instruct the computer as to what type of transaction they are preparing, and the program will automatically write, link all amendments together, and print an attractive, clean, readable, professional contract on a laserprinter. When you sign a contract, you want to be sure it is right, and legible. Top agents who plan to be in business in the next century will have the most current edition of contracts available and know how to write them. Often sellers take more seriously the buyer with a professional, computer generated contract over a buyer with a sloppy handwritten offer. A professional agent know the ins and outs of the contracts, and knows what can be changed to your advantage...and won't hesitate to do so. AL | AL | AZ | AR | CA | CO | CT | DE | D.C. | FL | GA | HI | ID | IL | IN | IA| KN | KY | |LA | |ME | MD | MA | MI | MN | MI | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY (C) 1999, 2000, 2001, 2002. 2003 , 2004 RealtySeek
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