Written is an arbitrary term in these days of computers and preloaded software, generating both purchase agreements and accompanying addenda. Computer-generated contracts are most popular in new home sales offices. Many agents, however, still fill in by hand the blanks on formatted real estate contracts endorsed either by their local board of REALTORS® or their brokerages. Depending on local custom, a broker or attorney usually helps draw up a written purchase offer detailing the terms under which you propose to buy. In some areas this is a full-fledged contract, needing only the seller’s acceptance to be complete. Elsewhere, local custom may employ a preliminary memorandum, articles of agreement, binder, or deposit receipt. Can you draw up the offer for yourself? Yes, and you could perform your own surgery, too. In either case, it would be fine unless you happened to make an amateurish mistake. There’s no use copying someone else’s contract as a model; yours will differ in many respects according to the needs of the parties involved, local custom, and state law. Brokers and law yers must take courses, pass exams, and gain related experience before they’re allowed to fill out these forms. Although in pure FSBO situations, you may not have a choice but to sit down with the seller and mire through an offer to purchase, it is best not to try to do it yourself when you don’t have to. The least you’ll want to invest in is a fee-for-service broker or an attorney to assist you in this task. Ask the broker with whom you are working for a copy of a purchase offer common in your area, or obtain a copy of the contract generally used by your Multiple Listing System or bar association. Study it at leisure in advance, for when it comes time to fill one in and sign it, you’ll be too nervous for quiet consideration. If you are purchasing a home from a builder, the agent may be able to give you a generic copy of the builder’s purchase offer to look over and take home. If asked, the builder may also furnish copies of any applicable preliminary property reports, neighborhood restrictions, tax assessments unique to the area, and homeowners association budgets to look over before you decide to buy. |
