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So You’ve Signed a Contract
Just for the record, a contract is a legally binding document. Real Estate Agents use contracts promulgated either by the Texas Real Estate Commission or the Texas Association of Realtors. Either way, the contract is designed to protect the interests of both the buyer and the seller.
If you are a potential buyer and happen across a great deal, it is in your best interest to get a contract in before anyone else does. But maybe you want another person to see the property or need to arrange some financing. A contract can be written to allow for the time required.
If a buyer has reasons for needing extra time, an option period can be purchased. The option period is usually for 7 – 10 days and costs from $50 - $200. This gives the potential buyer the privilege of walking away from a contract for any reason within that time frame. Do not choose to exercise the option on the 11th day of a 10 day option period, however, as the contract firmly defends the seller’s rights at that point.
Many contracts include a third-party financing contingency. This gives the buyer time to seek a mortgage lender and lock in a rate of financing of his choosing. This contingency allows a buyer to vacate a contract if he has have been denied financing and also if he simply can’t lock in the desired rate. But he must vacate within the time frame provided.
There is also time allotted in a contract for a buyer to review documents. These documents may include the rules and regulations of a condominium building, a survey, a sellers disclosure, or other relevant articles. Again, the timeframe for review is clearly specified.
In the case of land or commercial properties, a feasibility period may be specified. This grants the buyer time to evaluate all issues and determine if a piece of property will suit his specific purposes.
So with all these ways of opting out of a contract, how does a seller ever feel secure with a buyer's contract? That is where the time periods come in. It is understood that taking a property off the market may cost the seller dearly. So the contract protects the seller from loss by limiting the buyer’s time to exercise his options. In general, the time to be indecisive is at most a couple of weeks, during which the property may still be actively shown.
The most important fact for a buyer to remember is that time is of the essence. A contract is a legally binding agreement that is only flexible within a certain time frame. Acting too late can cause the loss of earnest money or a suit for specific performance.
Wendy Hauschildt is responsible for marketing and design for Coastal Properties GMAC Real Estate and is also a contributing columnist for the Island Breeze newspaper on South Padre Island.
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Wendy Hauschildt is a licensed Texas Real Estate agent and columnist for South Padre Island's newspaper.
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| Home Buyer Must Haves – Today
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Number of Views: 12268
These days, buildings are trendy, kitchens are seriously trendy, baths can be elevated to high fashion, and ceilings are certainly cutting edge.
New buyers are demanding that their properties meet high design standards. And it is surprising where the décor fashions are popping up.
The first buyer must have – Ceilings
Popcorn ceilings are now the pinnacle of bad ceiling style. Smooth is in and acoustic popcorn spray is seriously out. This is odd as the new ceiling height expectations make popcorn texture barely visible. 9 – 11 foot ceilings are now the desirable norm. In addition, architecturally accented ceilings are favorable. Add a tray design, raised panel for lighting, or barrel ceiling for maximum trendiness.
The second buyer must have – Lighting
Florescent lights are officially a bad idea. Preferred lighting includes pendant lights, track lighting, and recessed lighting. Additional accent lights are a big deal as well. Buyers like to see under the counter halogens, over the cabinet lighting, or even lit glass cabinets. To combine trends, include accent lighting in your raised tray ceiling design. Bathroom lighting has grown up, too. A row of round vanity bulbs on a mirrored fixture won't meet with buyer enthusiasm. Look for stylized fixtures often flanking the mirror.
The third buyer must have – Bathrooms
A traditional vanity with faux marble top has been met with disdain in recent seasons. Tile top or granite has been better received. Bathroom sinks have changed, too. The pinnacle of trendiness are raised bowl sinks with faucets mounted in the wall above. They may be glass, porcelain, stone, or even wood. They are almost too pretty to spit toothpaste in. Fiberglass shower surrounds are out as well. Buyers prefer a tile or granite surround. Open showers without doors are a unique new trend. Of course, these must be cleverly designed to prevent flooding.
The fourth buyer must have – Flooring
On South Padre Island we don’t see a lot of carpet anymore. Living areas are definitely covered in a hard flooring. Tile, marble, travertine, bamboo, or hardwood are acceptable. Tile sizes have changed, too. Traditional 12 inch tiles are a thing of the past. Now 14 – 24 inch tiles have become the favorite. Colors are fairly neutral, but quality is a big consideration.
The fifth buyer must have – Architectural Elements
New builders have been getting creative. Otherwise vacant walls are now sporting elegant niches. Some may be deep enough for shelves, others are shallow lit spaces designed for displaying art. Door frames that used to be square are now soaring arches. Cathedral ceilings may make room for high sculpture storage, and accent windows are appearing everywhere.
Feeling less than trendy? These kind of specific changes may not be a remodel option for older, low ceiling properties with Hollywood baths and nicheless walls. But don’t be alarmed. Someday smooth ceilings will be sprayed with popcorn again, and owners of high ceilinged homes will be wondering why their electric bills are so high. These trends too shall pass.
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Our Real Estate Advisor magazine is full of articles, real estate trends, and advice. Plus, it includes all the best listings for South Padre, Port Isabel, Laguna Vista, and the SPI Golf Course. Contact us to have a copy of the magazine mailed to you or click here to download a .pdf version.
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