So you’ve made an offer on a home and it has been accepted, congratulations! Now what? Well, now is your chance to find out everything you can about the home to make sure it is acceptable to you since you will be living there! The Inspection Phase Typically, the inspection period starts immediately once the […]
Over the course of the last few months, we’ve delved into the forms that make up part of a real estate contract. Purchase & Sale Financing Optional Clauses Utilities Title Inspection Well Septic Unfortunately, these are just the main forms for your standard Lewis County transaction in a rural area. If you’re in the city […]
22S – The Septic Addendum This form is common in Lewis County as we have a lot of rural housing. You typically won’t find this for homes in town, although I’ve seen them on the edges of Chehalis & Centralia as they grow outward. So what exactly is a septic and what is the addendum […]
22R: The Well Addendum You won’t see this form in all transactions, but it is prevalent in rural areas such as Lewis County, WA. It is the form that allows you the ability to test a well and make sure the water is good for drinking. As you can see, it’s a simple one page […]
The Inspection Addendum, or 35R, is perhaps the most important of all the addenda for a buyer. The 35R states your intentions to have a home inspection completed…
Part 5: Title Contingency Addendum The Title Contingency Addendum, or 22T as we call it in the biz, is a very important 1 page form. Although about half a page long, the 22T is a protection for the buyer regarding the ownership of the property. Encumbrances Let’s say there is a neighbor who thinks they […]
22K: Utilities Addendum The utilities addendum does exactly what it says: identify utilities. This is important for a couple of reasons. A potential buyer would be interested in knowing who they’re going to be working for water/sewer etc. Mostly, this form is important for the title company. They will call on the utility companies and […]
In this third installment of the anatomy of the deal, we’re going to cover one of my favorite forms! The Optional Clauses Addendum.