If you are considering purchasing a home, you will certainly be asked to sign a contract. Many buyers and sellers don’t review this document in detail, assuming that most of the language is standard boilerplate contract language.

However, this document is one of the most important steps to take in purchasing a home. The contract will determine exactly what you are buying, and the details of how the purchase will occur. Since a home is probably the most expensive purchase you will make during your lifetime, it’s critical to read the contract to make sure the provisions reflect your wishes.

Some of the issues that a contract to purchase a home will address include:

What is included in the sale. Often, the buyer and seller have different ideas about what fixtures, appliances, and other personal effects are included in the sale.

Who pays expenses along the way. In any sale of property, there are numerous expenses incurred along the way, including a survey, inspections, a tax and recording fee for filing the mortgage, loan closing costs, real estate commissions, and any assessments from governmental units. The contract to purchase real estate should clearly spell out who pays for these expenses.

Whether the offer is contingent on any event. Many sales are contingent on the buyer obtaining financing, a buyer being able to sell a current house, or other events. If your sale is contingent on an event, it needs to be clearly spelled out in the contract.

Property restrictions. If there are any restrictions on the use of the property, that needs to be spelled out in the contract.

Possession. The contract should state when the buyer is able to take possession of the property.

Remedies for default. If either the buyer or seller defaults, what is the remedy for the other party?

If you are purchasing a home in New York and don’t currently have a real estate attorney, contact the experienced Rochester, NY area Real Estate Attorneys at Friedman & Ranzenhofer at 585-484-7432. Our attorneys will help walk you through every step of the transaction. Call us today.