Page 31 - How To Buy A Home In Louisville

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The Sales Contract

The sales contract, with attached forms states the following:

Agents & Brokers
Who is the buyer’s agent; who is the seller’s agent.

Description of Property
What property is being purchased, where it is located.

Description of Appliances

Which appliances and systems remain with the property. All appliances remain in as-is condition and are not
guaranteed to work.

Detailed Pricing
The offered price, earnest money deposit, and good faith deposit.

Financial Terms

Purchase price amount. Good faith deposit amount. Type of financing the buyer will use to pay for the house
and the specifics of the loan. If buyer is pre-approved, it lists the lender. A local lender with a good reputation will
help an offer be accepted when compared to another offer that is not pre-approved, or is only approved through
an Internet lender or a lender that is unknown.

Appraisal
If the buyer is taking a loan out, the bank will require an appraisal. If the property is paid for with cash, then an
appraisal is not required.

Closing Date

The buyer asks for a specific range of days to close within, like 30-45 days or on a certain date.

Possession of the Property Date
The buyer and seller agree when the buyer will be allowed to move in, usually at closing. Sometimes the buyer
has to move in early or the seller has to stay after the closing for a short time.

Title Examination

Prior to closing, the closing company will perform a title search to make sure there are no liens on the property,
like tax liens if the seller didn’t pay taxes. Initial the waiver on the Title Insurance line if you are not buying the
insurance (we strongly recommend that you do buy the insurance, and do not initial the line).

The River Valley Realty Group - How to Buy a Home in Louisville, Kentucky 29