Buying a Home in Knoxville? Be Careful About the Clauses in Your Agreement

You must be dreaming to buy your own home in Knoxville one day. As you are reading this article, you may have even collected the sum of the money required to buy a home. But, donโ€™t get carried away by your emotions. You must be careful while deciding the clauses to be mentioned in the agreement signed between you and the seller. It is a one-time deal and if you miss any important point. Apart from the basic clauses like your name as a buyer, the total purchase price, complete address of the property, etc. here are three important points to be included in the agreement:

Earnest Amount
Earnest Amount is the money you deposit to show that you are seriously interested in buying the home. Before depositing the earnest amount, ascertain that it is a trust account or a neutral third party account which may be of a company or an escrow agent. You must also decide a condition that if the deal is not finalized within a stipulated time, you should get the money back.

Settlement date
The agreement must clearly mention the date of settlement and also the date when you can take possession of the property. Usually, it is assumed that the buyer can take possession on the next day of the final settlement.

Environment tests
You may include a clause stating that the property must be tested for lead paint, radon and other harmful elements before settlement. It can also include inspecting the property for termites.

Apart from these, there are many other clauses that can be mentioned according to your needs. The important thing is to cover all the points before finalizing an agreement. For more help or any questions regarding buying or selling your home, contact your Hometown Experts!

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About the Author
Ryan Coleman
Ryan is from Richmond Virginia and attended college here in Knoxville Tennessee. He is married to his beautiful wife April, they have one daughter and one son who reside in Knoxville. Ryan is a highly trained, knowledgeable Real Estate Broker and Investor (owning both Residential Investment & Commercial Real Estate). For over 20 years, Ryan has spent much of his time helping buyers and sellers find their perfect dream home, devoting his personal attention during the entire transaction until and beyond closing.