What is a Bilateral Contract in Real Estate?
There are a number of reasons why you should hire a Real Estate Agent to represent you. The paperwork alone is enough to make you dizzy. One piece of paperwork is key to the whole process – the contract. Typically, Real Estate sales contracts are “bilateral”, meaning it’s a two-way agreement. To put it simply, the Seller agrees to sell their home, and the Buyer agrees to purchase it.
Navigating through the sea of documents, addendums, and contracts is not an easy task. The Expert Realtors at the JS Realty Team take pride in providing you with a positive and rewarding Real Estate experience. Our Team has negotiated over $500 million in Real Estate transactions. We can lead you to the best Real Estate solutions for you and your family. If you’re thinking about buying, selling, or investing in a property, contact us today. We offer a FREE, no obligation consultation and Home Analysis and we’d love to speak to you.
An Earnest Money Deposit (or “EMD”) is an important part of the home buying process. It is an amount of money that you will deposit (in escrow) that tells the Seller you are committed to the purchase of the home. It’s important to know that this earnest money deposit is not an extra cost of buying a home. It will be credited towards the down payment at closing. In the event that it exceeds your mortgage down payment and settlement costs, you will receive the balance at closing.
In most cases you will write the check to your Realtors, Real Estate Brokerage Company or the company that will be assisting you in the settlement (Title Company). Never write the check to the Seller or their Realtor directly. The money is usually due very shortly after the contract is fully accepted by all parties (ratified) and will be placed in an escrow account. Shortly before you go to settlement, it will be released so it can be applied towards your settlement cost and down payment on the day you purchase the home. In the event the amount you put down exceeds the amount needed for these cost, you will get a refund of the difference. This is your money, and it is treated as such. It is only applied to your costs.
Every market can be different when it comes to answering this question. Make sure you read and understand the contract. It should state what happens to the EMD if you no longer qualify (or decide you do not want to buy) the home. If you are within your rights to cancel the contract, the Seller will agree to release the funds back to you in full. However, there are many different ways this can be handled. Not all are not favorable, so understand the contract you are signing and discuss any concerns you may have with your Realtor. If you are not comfortable with the language that is written in the contract be sure to consult an attorney before signing to ensure your rights are protected too.
An Earnest Money Deposit is your way of telling the Seller “I love your home and really want to buy it.” In most cases the money remains yours and is applied to your costs in regards to the purchase. It can also be a great way to leverage your offer in the event you find yourself in competition with another Buyer. A great Realtor can guide you through the offer process and help you structure a deal that is more than just about a sales price.
The purchase of a home usually is the single greatest investment most people make in their lives. It’s important to look at one’s home as an investment, and understand what drives the value of the property in order to find opportunities that maximize wealth. Given the unpredictable nature of the real estate market, what should you know about home appreciation before you buy?
Partially amortized loans are a series of amortized payments followed by a “balloon payment” (or lump sum) at the loan’s maturity. The balloon payment is the entire remaining balance. A partially amortized mortgage provides much lower monthly repayments, however a massive final payment is due at the end of the contract. Under a partially amortized mortgage, the final payment is larger than any previous payment as it “balloons” on the last installment. This type of payment is often found in commercial lending arrangements. The lower monthly payments can be helpful while the commercial project grows and, the developer hopes, appreciates.
Not sure which type of amortization is right for you? Contact our good friend and Lender, 
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An Assessment, however, is a mass appraisal of property, that is usually conducted at the beginning of the year by local counties. They are based on the areas sales, which helps to determine the value for a large group of similar properties (like a neighborhood, for instance). This information is generally used to determine property tax amounts.