Common Clauses & Conditions
If you’re a first time home buyer, you might wonder, what are normal conditions and clauses to put in your offer? Let’s run through this. So you’ve found the right home and you’re ready to make an offer. Making an offer on your first property is very exciting, but you do want to make sure that you include certain conditions and clauses to protect you before signing.
The number one condition to consider is financing.
Although you’ve already gotten a pre-approval, many buyers want to include the financing condition in the offer so that your bank can do their own due diligence and give you the final financing approval for this specific property that you’re purchasing.
Next is the home inspection condition.
This is the biggest purchase you’ll have made thus far in your life, and you’ll want to make sure you’ve made a good investment and that you will not be surprised with huge repairs down the road.
You also want to make sure that your realtor includes certain clauses to protect you on the closing date.
This includes giving you the ability to walk through the home a few times before closing to make sure that no damage has been done to the property since you last saw it, as well as a clause to ensure that all the mechanicals and chattels included in the offer will still be in good working order on the closing date.
There could be many other important conditions or clauses to include in your offer, depending on what type of home you’re purchasing and where the house is located, which is why you want to make sure that you are using a local agent and an experienced agent.