stock-photo-16941695-female-estate-discussing-property-details-with-clientDefinition: A real estate purchase contract is a binding agreement (between two or more parties with legal capacity) to purchase real property. It is based on legal consideration.

The Key Steps:

Organize

Set money goals, and develop a plan to reach them. Decide what’s important to spend, then save the rest for a rainy day—or a down payment on a home.

Watch Spending and Savings

Putting a little money aside every month takes hard work and difficult choices. But the rewards are great. Learn about the power of compound interest. Teach your children that a few hundred dollars invested now can turn into thousands of dollars over time.

Negotiate

Many consumers, including homeowners, feel trapped by debt. But there may be other options. Contact the people you owe. They may be willing to work with you to develop new payment plans. It will show that you are serious and smart about money.

Read (and Understand) the Fine Print

Consumers have more ways than ever to buy a home. Know your rights. Homebuyers should understand their mortgage contract and be on the look-out for scam artists and predatory lenders. A HUD-approved housing counselor (1-800-569-4287) can help.

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