Jim and Mikki Snell is one of The Top Selling Real Estate Experts™
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Welcome > Resources > Ask Anything ...
Do You Have a Real Estate Related Question? We Will Email You an Answer Quickly. As top Sherwood, Newberg, and Dundee real estate experts, it's our job to help! Please take advantage of our experience and knowledge. Ask us anything about: - Any particular home that is or was on the market. - Neighborhoods and local market trends. - Local demographics and the economy. - Tricks and traps when buying real estate in this area. - Special tax considerations regarding real estate. - Specific questions about contracts, escrow, and closings. - Anything real estate! To get a quick answer, please fill out the form below. It is totally free, and without obligation... It's our job to know EVERYTHING about real estate! Ask us anything. There are no dumb questions! It's FREE, and We promise to get back to you quickly...
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Real Estate Contracts >Purchase Agreements
Whether it consists of several pages of big type or a few pages of fine print, a real estate purchase agreement is a serious, legally binding document. In most areas, there are "boiler plate" forms that spell out what each party agrees to do by certain dates and what happens if either side breaks the contract.
The best time to familiarize yourself with these forms is when you are beginning your search. Ask the real estate agent for a copy of the purchase agreement and then review it, keeping in mind that it has the force of law. If you don't understand the document, consult an attorney. If there is a dispute between buyer and seller, a court will hold you to what the purchase agreement specifies, not what you thought it meant or what you thought the real estate agent said it meant.
There are several key points you should be clear about. What are the deadlines for loan application and obtaining financing? If you decide to back out because of the structural inspection report, can you do that? Do appliances convey? When will the closing take place? If you understand these clauses before you find the perfect house, you will avoid a lot of stress and minimize the likelihood of misunderstandings.
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What is the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
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One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million. |
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