From Offer to Closing in Montgomery County Real Estate
Montgomery County area Realtors have standard purchase offer agreements, disclosure forms and closing processes. We will put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you. The Myers Team will guide you through the offer, counteroffer, negotiating and closing processes. We will help you understand the disclosures, the financing terms, the title and closing.
What is in an Offer?
The purchase offer becomes a binding sales contract when it is ratified – agreed to by both parties. Earnest money is offered as a deposit. The second phase of the offer is to complete the contingencies on the sale. Typically these include financing, appraisal, home inspection, radon and termite tests and review of HOA documents.
If your offer is contingent upon (or subject to) a certain event, you are saying that you will only go through with the purchase if that event occurs. These are negotiable to some extent when buying a Montgomery County home. Often contingencies or the terms of the offer become an important consideration to the seller when evaluating multiple offers.
You are in a stronger bargaining position in a seller’s market, if:
- You are an all cash buyer
- You waive some of the usual contingencies such as a home inspection
- You don’t have to wait to sell your current home in order to buy
- You are able to close and take possession at a time that is especially convenient for the seller
In a buyer’s market, you can often ask for help with closing costs (subject to the terms of your loan).
Title and Closing
Title companies will ensure that you have clear title to the home and the deed is recorded properly. Law firms specializing in Montgomery County real estate transactions will make sure the documents are all handled properly. The Myers Team can refer you to excellent firms for your Montgomery County home purchase.
The Myers Team can help you with all the ins and outs of buying a home in Montgomery County. Subscribe to our Buyer’s Unfair Advantage Newsletter to get the best advice on Montgomery County MD real estate and call Bob Myers today at 301-910-9910.
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