12 Steps To Buying A Home - #9

Robyn is well-versed in real estate law.

Step 9: Call your lawyer. The seller’s lawyer will send the contract to your lawyer for review. Read it carefully yourself. There are “standard” clauses, but there’s no such thing as a “standard” real estate contract. (You may hear many people try to tell you this.) Understand what each clause says even if you don’t follow the language in it. This is why you want an attorney who takes the time to explain things. If he can’t or won’t, that’s not a good sign.

Go over the “contingencies” very carefully. The contract is not the final sale: it says “if all goes well” you agree to buy the sellers house at the closing. The “all goes well” conditions are the contingencies. What if you don’t get a mortgage? Without a contingency, the contract says you have to buy the house anyway. (This is a common contingency.) Others: The house has to conform to local zoning laws, the seller has to have clear title, there are no “major” problems like a faulty foundation, etc. These are negotiable: you can try to put whatever you like in the contract and the seller is free to cross them out before they sign.

The contract will also set the closing date, which is also negotiable. You need time to get your mortgage approved and close up your old home, the seller needs time pack up and to move.