5 Areas of Negotiation in a Contract
How to negotiate in a contract in Crested Butte.
Hey guys, Heather Connor here, team leader and broker with Black Diamond Resort Group brokered through exp Realty. Today in our buyers series, we’re going to talk about the five areas of negotiation in a contract. If you are watching this video it means that we have obviously gone through quite a few properties, and it looks like we’ve selected one that you are ready to make an offer on.
The five areas of negotiation.
The five areas of negotiation in a contract: number one, price. You need to think about what price you want to offer for this property. Number two, our terms. For example, who’s paying for closing costs, for title insurance, transfer fees if there are any, and any other terms are important to keep in mind. Number three is contingencies. Contingencies that we normally put in a contract are appraisal, finance, and inspection. For those of you that are paying all cash, you can choose to include or exclude any of these. The fourth negotiation in a contract is dates. For example, a normal time frame for closing with a loan is around 30 days. Now if you are getting a USDA loan or something that might require a little bit more time, you may need longer than 30 days. If you’re an all-cash buyer and you want to complete this closing quickly then you may want to have less than 30 days, and this is also an area where we can determine whether it is or is not to your benefit to push out closing for the seller. The fifth area of negotiation in a contract is your inclusions or exclusions. We need to take a look at do you want that fridge, do you want the draperies, the light fixtures, things that are commonly considered and that normally most folks think go along with a sale. This is a time for us to be incredibly diligent and make sure that we list all potential inclusions, and for those of you, any exclusions that you do not wish to have with the property when you close.
Five areas of negotiation in a contract, I hope this is helpful and I look forward to us making an offer very soon.