Buying a house is the most important transaction you'll ever make, so make sure you're getting everything you want when you sign the contract.

Video Transcription

Steve Millstein: The contract that you are going to sign for the purchase of that house, is the contract to the most important transaction of your life, and you have got to make sure that you have included every single item into that contract that you want to be able to address at a later date. Read the contract, ask the questions that need to be asked. You may want to have a lawyer to review that contract with you before you sign it. If you don't understand something, ask it, take your time. It's not something that needs to be rushed into, and make sure you've covered every single concern you have. Peter Holland: If you signed it, and you didn't understand, and there's a problem, we all know what they're going to say is, well, is that your signature? Yes, and you have the opportunity to read it, didn't you? You are not going to be able to say, but my real estate agent said this, or the seller said that. This is it, if it's not in writing, it didn't happen. No oral promises can override this contract. Steve Millstein: Once you've signed that contract, if those promises aren't a part of that contract, it's too bad. So it's much better to take all oral promises, and say, well, you know since you told me you are going to fix that after signing it, why don't we just write that right into the contract? Eliot Wagonheim: If it would upset you that there are going to be less than 12 recess lights in any given room, because that's your office, and you really need good light for that. Make sure that's in the contract. Steve Millstein: You can handwrite it in, put your initials next to it, have them put their initials next to it. If they are not willing to do that, you should say, wait a minute, why are you making all these promises to me which are not willing to include those things into the contract? Peter Holland: They are going to whip that contract out if you go to court, and if it doesn't contain that oral agreement in writing in the contract, you're going to have a big fight on your hands. Steve Millstein: It's all about what's in that contract. So take your time and be careful.