Santa Clarita Real Estate Tip #8
Next time, when your in an escrow to purchase a home in Santa Clarita, at some point, your Realtor will present you with a California Association of Realtors form to remove any and all of your buyer contingencies.
Each home purchase, is usually contingent on a few items, such as your home inspection, investigation of disclosures, loan approval, and appraisal. Before you sign something saying you are removing your right to back out of the deal due to any of the above reasons, you need to have a detailed conversation with your Realtor about the consequences of doing so. Now, at some point in just about every transaction, you will have to remove all of your contingencies, but, it's important that you are in a position to do so. Only your Realtor, and you, could possibly know that. For instance, if you have performed your home inspection, you have gained full loan approval, and the home appraised, but you still haven't reviewed the Homeowners Association Documents/CC&R's, because it hadn't been received yet, then you wouldn't want to remove that particular contingency to investigate that disclosure. But what if your Realtor just put the full contingency form in front of you? And you signed it, not realizing that you still needed to review that HOA disclosure? That would certainly be bad, because you wouldn't be able to back out of the deal without possibly losing your deposit, were you to sign the full contingency removal prior to reviewing that HOA disclosure, even though you found something seriously negative about the CC&R's in the HOA that you did not like and agree with.
It's important that before you sign your name on the dotted line, removing any of your contingencies, you have a heart to heart with your Realtor, and make sure it's the right thing for you to be doing, at that point. Perhaps, an extension of time may be needed, to give you some extra time to think about whether you should be moving forward with the home purchase?
If you need a Realtor for your next Santa Clarita Real Estate transaction, look no further than us @ The Robert and Brian Team. We are here for all of your real estate needs in Santa Clarita.
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