So you’ve found it! Out of all the Orlando luxury homes in Orange County, you have found the one that you are ready to commit to and place your life savings in. As you start down the road to home ownership, you should understand some of the basics of making an offer for Orlando luxury homes.
Paperwork Preparation
Making a formal offer to a homeowner requires an assortment of forms to be completed. These forms are formal and legally binding contract statements that need to be up-to-date with the latest changes in national and state laws. They also need to include specific information, such as the price you are agreeing to pay for the property as well as any other important terms and conditions that may affect the transaction.
Having a realtor by your side can make this process a whole lot easier since they know what’s required and what you need to do to make the entire process go through smoothly and legally. But a brief overview can help you get started in understanding exactly what your offer needs.
What Your Offer Should Contain
An offer to buy Orlando luxury homes is a purchase agreement which is a binding sales contract. Once signed, sealed, delivered and accepted, this will hold you accountable to buy the designated property. These buy offers need to incorporate:
- The address for the specific property and, in some cases, a legal description of it
- The price of the property
- Any specific terms that are dependent upon completion of the deal. For example, many often state that the deal is subject to a home loan being obtained for a specific amount.
- Seller’s guarantee of ownership and the ability to give a buyer the title free and clear.
- Targeted closing date
- Detailed amount of earnest money received as part of the accompanying offer along with details on how it will be returned if the offer is not accepted.
- How specific bills and charges on Orlando luxury homes are to be divided and paid by the buyer and seller. These divisions typically include real estate taxes, water bills, utilities, and fuel.
- Who will be paying for specific items of the transaction like title protection, termite examinations, survey, etc?
- Deed type
- Designated time for a final walk-through by the buyer to ensure the property is in the agreed upon condition before the deal closes.
- A time limit on when the offer will expire
There usually are some contingencies also noted on the contract that designates some event to take place or else the deal is null and void. A couple of these are:
- Financing for the Loan: If an offer on Orlando luxury homes is unable to receive funding for the transaction, the deal is off and neither the buyer or seller are bound to fulfill the contract.
- Securing a home inspection: A timeline is set in place after an offer is accepted for the property to get a home inspection. For example, the offer may set a time limit of no more than 10 days after it is accepted a home inspector must assess the property and a give it a satisfactory rating for the deal to remain valid. If not, the agreement would get to be void.
Realtors are truly essential to ensuring an offer on Orlando luxury homes keeps you in compliance with state and national laws, as well as free and clear from any legal ramifications. Talk to a Berkshire Hathaway HomeServices Florida Realty professional about your Orlando luxury homes search today!
