What to expect in the purchase contract for a home

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Video Description:

Buying a new home is a big purchase, and it comes with a lot of new experiences, including signing a legal agreement to buy the home. This legal agreement is officially called a Real Estate Purchase Contract, or REPC for short.

The REPC should outline every aspect of the purchase, including your information, the seller's information, details of the property (such as the address and condition), the purchase price, what appliances are included in the sale, earnest money, deadlines and closing dates, and more. In addition, it will usually include contingencies that will allow the contract to be cancelled if they aren't met.

Once your real estate agent drafts up the contract, you will need to review EVERYTHING before signing and submitting it as your offer. If you don't understand any of the legal speak, make sure your realtor explains it in a way that's easy for you to understand. Don't sign anything until it's crystal clear how it will impact you if the offer is accepted and becomes binding. And finally, make sure the deadlines in the contract are realistic for both you AND your lender to meet.

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About Low VA Rates:

Low VA Rates is a VA-approved mortgage lender that was built out of a desire to help veterans access their VA home loan benefits. With over 10 years of experience specializing in the VA loan, you can trust the Low VA Rates team to help you find a mortgage with great rates and terms.

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Want more from Low VA Rates? Like, subscribe, and follow us to stay connected with the latest VA home loan info. Archived video notice: This video is not current and may contain content that, while accurate when recorded, may not reflect current market conditions. As is customary on the YouTube platform, older videos remain in our account for transparency and statistical purposes, and we do not necessarily have control over which older archived videos YouTube’s algorithm may suggest for you. For that reason, please always check the date of a video to ensure that it is dated recently before relying on its contents. The mortgage market is very dynamic and laws, regulations, rates, and programs are always changing. If we have a more up-to-date video on the same subject, you should be able to sort our videos by date uploaded on our main channel landing page:    / lowvarates  . This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.