4 Keys to Tackling Real Estate Paperwork
The amount of paperwork to purchase a home is staggering.Â
Not long ago, you could buy a home with a one page purchase and sale agreement. Today, the average sales contract package is about thirty pages…and it continues to grow every year.
Unless you are an attorney, you probably do not understand most of the legal jargon used in writing a contract on a home.Â
A one page contract is tough to read. Thirty pages can be so intimidating (and boring) that most will not attempt to read through to the end of the contract. Â
If you do not read it, what will you miss?
The purchase and sale agreement is the first of several stacks of paperwork that you must navigate. You also have the home inspection reports, loan packages and the closing documents.Â
In addition to not understanding the paperwork, you also do not want to make a mistake. This paperwork controls the largest investment you will make in your lifetime.
A mistake here could be devastating.Â
Just the thought of real estate paperwork can be overwhelming, but it does not have to be that way.Â
Having a plan and the right partners will help you understand what you need to know so you can make the best decisions.Â
Here’s how our Smart Buyer System deals with the toughest paperwork problems for you.
4 Keys to Tackling Real Estate Paperwork
1.  TAR Forms
When possible, I always recommend that you use Tennessee Association of Realtor (TAR) forms for your real estate transactions in the State of Tennessee.Â
I like the TAR forms because they are updated annually at a minimum. They are always in compliance with the latest laws and rule changes. The forms are developed with the consumer in mind. They are designed by attorneys to be clear and fair to all parties involved in the transaction.Â
I cannot say this for any other real estate contract you might find in our local market.Â
2.  Simplicity
The strength of the TAR documents revolves around their simplicity. The language of the contract is not overly difficult. Over the years, most of the documents have been tested by the courts. Â
Most of all, TAR forms are the number one contract in use today in the Nashville area. Agents prefer to receive them because it makes it easier to explain to the seller. They also prefer it because the expectations and timelines match up with their business systems. The forms have gotten so popular; many sellers request upfront that buyers submit offers on TAR forms.
When it is easier to explain and aligns with your system, you have fewer misunderstandings and much smoother closings.Â
3.  Early Review
The time when you are submitting an offer is not the best time to learn about the contract. Your mind is concentrating on what should be in the blank spaces, instead of the written terms of the agreement.Â
I recommend that long before an offer is submitted, you take the opportunity to review the sale documents. You need to have a basic understanding of each section, how it relates to you and answers to any questions.
With the nature of our market, you may be pressed for time when making an offer. When you review the documents early, filling out the contract is much faster and less stressful.
When the time comes, would you rather sign with confidence or trepidation?
4.  Attorney Network
At some point in the buying process, it is common to have a question that requires legal advice or you want a second opinion.Â
Since most agents are not attorneys, they cannot answer the question. Be careful of those who might try to answer a legal question for you.Â
We will refer you to our network of real estate attorneys. Top professionals, who act quickly, understand the law and can explain it with the heart of a teacher.Â
Don’t let paperwork keep you away from the dream of home ownership.Â
If you want to talk about buying a home now, call Steve at 615-519-0983.
Otherwise, you can search the most accurate database of homes here.
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