When buying a home in the Jupiter Florida real estate market, most of the home buyer's effort is put into finding the right home. But very little thought is usually put into writing the purchase offer.

Often the real estate agent pulls out a "standard purchase contract." The truth is there is no such thing as a standard purchase contract.

However, there are many different forms printed by local or state Realtor® associations, local multiple listing services, individual real estate offices and form publishing companies. Florida law frequently mandates some provisions in purchase offers for residential properties, but buyers and sellers are free to negotiate additional provisions.

Avoid vague provisions

If you are presented with a printed purchase offer form by a real estate agent to sign, consider who wrote the form. Most printed purchase offers are prepared by attorneys working for clients with vested interests, such as real estate brokers and realty trade associations.

Although it takes time, be sure to read the form before signing it. When you first start looking with an real estate agent  Jupiter FL  homes for sale ask the agent for a blank copy of the purchase offer contract form that agent uses. Then study it before making a purchase offer. If you don't like or understand a clause, unless it is required by state law, don't hesitate to cross it out. Just because it is printed doesn't mean it can't be changed.

Well-written purchase offer printed forms contain blanks for the names of the buyer, address of the property, purchase offer price, financing details and amount of the good faith earnest money deposit.

There is no rule of thumb as to how large the deposit should be. But real estate agents encourage buyers to make as large a deposit as possible as encouragement for the seller to accept the offer and to enhance the probability the buyer will complete the purchase as agreed.

If your purchase offer is considerably below the seller's asking price, a large earnest money deposit often impresses the seller into accepting a low offer. However, be sure the deposit is not to be given to the seller until the sale closes but shall be held safely in escrow beyond the seller's control. The purchase offer form should have a place in it where the name, address and phone number of the person or company holding the escrow funds.  Do not sign a purchase offer and give a deposit check without that information.

Well-written printed home purchase forms contain a detailed finance contingency clause. Read it extremely carefully. Be sure it says your purchase offer is contingent on both the buyer and the property qualifying for a specific mortgage.

Damage clause a good idea

Many printed purchase offers contain a liquidated damages clause. That means the exact damages would be hard to determine if the buyer defaults, so the buyer and seller agree in advance that default damages will be limited to a specified amount. This is usually a good clause for the buyer to sign because it prevents litigation.

Most home buyers want their offer contingent upon their approval of a professional inspection report on the home. Smart buyers accompany the inspector, who should be able to explain any defects discovered, their importance and estimated cost of repairs.

The purchase offer sometimes specifies the seller is to pay for necessary repairs, up to a designated maximum amount. Additional inspection clauses may provide for termite, pest control, energy efficiency, radon, plumbing, electrical, roof and other customary reports that are subject to the buyer's approval.

Often a home in the Jupiter FL real estate market is being sold "as is." That means the seller will not pay for any repairs. However, be sure the purchase offer specifies the seller and real estate agent have disclosed all known property defects in writing. Some states require such disclosures, whereas they are voluntary in other states. Florida requires that the seller disclose all know defects which affect the material value of the property.  It is usually a good idea for the buyer to make the defect disclosure part of the purchase contract. Make sure your offer contains the fact that you have the right to conduct whatever inspections you want during a certain period of time—generally the parties agree on some period between 7 and 10 days.  Also, you should include that you will have the right to cancel the contract during this inspection period.

Do you want those appliances?

The general rule is no personal property now on the premises is included in the sale of real estate. If you want any personal property included in the sale price, such as the stove, refrigerator, washer, dryer, drapes and carpets, be sure to list them specifically even if the agent's listing sheet says they are included.

There is a lot of free information available to you about buying, selling or investing in Jupiter Florida real estate. For complete information about the Jupiter FL real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Jupiter FL real estate. So please feel free to contact me with any of your questions and I will me more than glad to answer you queries. Call me on my cell at 561-632-7373 or email me at Mary@MaryHester.com.

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