What Is The First Step When Writing A Contract
A lot of consumers are unfamiliar with the home buying process and the order in which it is done, so I'd like to shed some light on the beginning parts of the transaction. Once you find a home you love, you'll be ready to make an offer. At this point your agent may negotiate verbally to speed up the process, or the selling agent or even the seller, may require you submit an actual contract before negotiations have begun. Remember, you cannot be in negotiation with two parties at once. The reason for this is, if both parties come back in agreement, you are now bound to the contract legally, even it was only verbally. Once all parties have signed, the final party will execute the contract. This the final step in which a date is written on the 8th page of the TREC 1-4 residential purchase agreement and the clock starts ticking. You now have 3 days to turn in the earnest money to title, typically $500, and the option money to seller, typically $50 for 10 days. This also begins the time line of when the survey and seller disclosure are due.
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