| When all parties agree on all the terms of a contract and sign to confirm that agreement, you have a binding contract. You can have multiple counter-offers, but the last and final version of the offer signed by both parties is, by law, what makes the contract binding. The date of the Binding Agreement is critical in real estate.  Once you've got a Binding Agreement, a whole series of events is set off and a clock begins to tick towards your closing date. Your Agent should also be watching the clock to ensure you do everything necessary in a timely manner in accordance with the Purchase and Sale Agreement to hold up your end of the contract and at the same time, staying in touch with the Listing Agent to ensure the Sellers are doing the same.
| You will find that REALTORS® are usually reluctant to flat out recommend one person for any job required in the home buying process. Please know that we are not being coy or playing stupid. It is just simply good business practice to give you the choice. Of course, most of the names I would recommend for any job would come from a list compiled by myself and my peers of people whose services met or exceeded our expectations. |
Your Agent should provide you with a list of recommendations for closing attorneys, pest control companies, home inspectors, handy man, surveyors, mortgage lenders etc. Remember, you are responsible for applying for a loan within the days specified in the contract as well as order any home inspections, surveys etc. inside the due diligence period The Home Inspection Nobody wants to buy a house with problems. Whether you are buying As Is or Subject to Due Diligence, you are allowed to conduct any inspections on the property you require. Under Paragraph 10, the Seller agrees to allow you access for these inspections and to have all systems on an operable. Now, the old way of Requesting Repairs has changed. Previous to 2008, Buyer could opt to purchase with Right to Request Repairs. Under this system, the Buyer had a professional inspection. The inspector would identify 'material defects' which the Buyer could then request the Seller to repair. This would be a matter for negotiations between the parties. Ultimately, is the parties cannot reach a mutual agreement, the Buyer could terminate. The Buyer was limited, however, to ONLY request repairs on actual defects of materials, nothing cosmetic. The conversation was ONLY about repairs... If the Seller agrees to make all requested repairs, but the Buyer has second thoughts about the house... the Buyer is still obligated to buy. Today, that method is gone. You can inspect to your heart's content... if you find anything objectionable with the property, you can request the Seller make repairs like before, but now, the Buyer can also request the renegotiate the purchase price... you can ask for cosmetic repairs, you can ask for anything... And the Seller has the right to agree or not agree to do these things... During this time, the Buyer has the right to terminate for ANY REASON. If the Buyer decides to terminate, it is critical that the notice to terminate be delivered PRIOR to midnight on the last date of Due Diligence. Otherwise, the Buyer is now obligated to buy the property AS IS, if the Amendment to Address Concerns with Property was not already negotiated and signed. Make sure your Agent is on top of the deadlines to protect your best interests! 
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