Writing the contract to purchase--the disclosures

Well, we finally found the right house--now we have to write up a contract to purchase that home. We go back to my office and fill out the "Official paperwork". (Don't worry, I am a trained professional and it really is exciting--it doesn't hurt at all!!) The first piece of paper you will see is called the Sellers Disclosure and it tells us what the seller knows about the house. It talks about the roof and the basement, if they have had any leaks, any problems that they know of they must disclose to you the potential buyer. They have to tell us the truth because we are basing our decision to purchase on the answers on that sellers disclosure. (We are also basing the price we offer on what is known and has been corrected in the house.) There are other disclosures the seller has signed here in the state of Illinois. A radon disclosure (Radon is an odorless, colorless gas that usually comes in thru the basement of the home, and can be measured so that the levels are safe--under 4 pico cures (I have no idea what a pico cure is but it is the standard of measure for Radon)) Radon levels can be remediated and the levels guaranteed to be under 4 pico cures if need be (usually by the seller). You will also see a Lead based paint disclosure if they house was but prior to 1978. Lead paint was used in all homes built prior to that year and most, if not all, of it has been painted over or covered over but you need to know this because if you buy an older home and remodel it, you need to be aware that the dust from the remodeling could be detrimental to any children that are around at that time. You might see a mold disclosure also. Every home has some small amounts of mold somewhere but we want to be sure there are no large amounts of it, for instance in the attic, or basement, or behind the walls. We will have a home inspection (see next post) and that will hopefully uncover any major mold problem the homeowner doesn't know about or has not had fixed.
Now finally on to the contract. The contract is an 8 page document where we fill in all the blanks. It is where we tell the seller what it is we want and what it is we are willing to pay for what we want. It is where we make an offer to purchase the property and tell them what we want to be included in the property (like the refridgerator and stove) and what we don't want (the old airconditoner in the attic). We state the terms and conditions of the sale, when we want to close and take possession and how we will pay for the property. We want them to convey a clear title to us (another blog) and we need to discuss other things (performance, default, damage to the real estate, etc.) The contract protects you and there are contingencies (another blog) that if not met you can void the contract--like the sale of your current home or the fact that if you don't get the money you don't have to purchase the house. These are legally binding contracts so when you fill one out you are serious about purchasing a home. It is a simple process and you have a trained professional (me) guiding you through the whole buying process so not to worry. It is all part of the journey and fun to getting to "happily ever after".