Negotiation
Latah Realty agents are experts in negotiation. Their role is to advise buyers and guide them through the complexities of the real estate transaction. Each real estate transaction is unique, and our agents ensure that buyers receive personalized advice and support.

Earnest Money
Earnest money is presented by the buyer along with the purchase and sale agreement. This deposit is held in escrow and is applied toward the buyer’s closing costs, demonstrating the buyer’s commitment to the transaction.

Entering Into a Contract
When a buyer makes an offer on a property and the seller accepts, both parties enter into a legal contract known as a Purchase and Sale Agreement (PSA). This document outlines the specific terms and conditions of the transaction and is signed by both parties. The PSA serves as the written instructions for how the transaction will be conducted. (Refer to the RE-21 Purchase and Sales Agreement on pages 19-25 of our Homebuyer’s Guide for more details.)

Home Inspection Time Frame
After entering into a Purchase and Sale Agreement, the buyer should hire a home inspector (or other professionals if desired) to assess the condition of the property. The home inspector, working solely for the buyer, evaluates components such as the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical systems. (See the home inspector list on pages 7-8 of our Homebuyer’s Guide.)

Following the inspection, buyers may negotiate further with the sellers regarding any necessary repairs or request concessions. This period also allows buyers to address any other questions about the property or transaction and to confirm the property’s eligibility for homeowners insurance coverage. Once the inspection timeframe has expired or been waived, the ability to rescind the Purchase and Sale Agreement typically ends, except for conditions specified in the agreement.