There was a time when I almost misread a clause in a contract. It was confusing to determine how many days the contingency period should be. A single date calculation could determine whether the contract could be canceled. Fortunately, I double-checked and corrected it before signing. In the current West Covina market, confirming such clauses is especially important. The median home price is $830,000, which is a 0.07 percent increase from the previous year (Houzeo). The median price during May transactions was $820,000, and in June, 49 homes sold, recording a median of $865,000 (Cash For Houses CA). Listings are selling in an average of 33 days, and inventory is at 4.3 months, which is relatively ample compared to other nearby areas.

There are four main items to check in order: Comparative Market Analysis (CMA), offer preparation and negotiation, contract clause review, and scheduling inspections and appraisals. Closing management is also added to this list (NAR). To elaborate, reviewing contract clauses is particularly crucial because dates and conditions are intertwined, making it easy to overlook if not double-checked.

After the settlement of the National Association of Realtors lawsuit in 2024, one more item to check has been added. Starting August 17, 2024, buyers must sign a written buyer agency agreement before viewing homes (NAR). The contract must specify the amount or method of calculating the commission. It is essential to develop a habit of reviewing each clause before signing.

• Comparative Market Analysis (CMA) and offer amount determination
• Review of sales contract clauses, especially date-related conditions
• Scheduling inspections and appraisals
• Review of buyer agency contract commission clauses

Working with a Korean agent allows for these clauses to be confirmed in Korean. Explaining things in short sentences reduces confusion. If you are a family coming from another state, they can also clarify property taxes and insurance conditions. It is practical to be directly connected to necessary experts through a network of inspectors, mortgage brokers, and attorneys built over years in the area.

West Covina is divided into areas with good school districts and areas with commercial facilities. Properties near schools preferred by Korean families often sell faster than the 4.3 months of inventory statistics suggest. It is efficient to first identify the areas of interest and then narrow down properties that fit the budget within those areas. When determining this order, being able to communicate desired conditions accurately in Korean can save time. In a market where properties sell in an average of 33 days and transactions occur at about 100.46 percent of the asking price, if you do not pre-determine your desired area, you may miss out on appealing properties. The fact that there is 4.3 months of inventory compared to nearby areas also means there is no need to rush, so it is safer to take your time and confirm each clause without haste. During times like June when the number of transactions increases, even if the contract forms look similar, the special clauses can differ slightly for each property, so it is advisable to develop a habit of checking anew each time. In summary, although there may seem to be many items to check, if you go through them one by one in order, you can complete the transaction without missing anything. Since properties tend to sell slightly above the asking price, it is safer to approach offer amounts with some flexibility. The habit of confirming things in short sentences applies not only to contracts but also to reviewing inspection results.

While reviewing contracts, you will encounter several clauses where dates and amounts are intertwined, such as contingency periods, closing dates, and deposit return conditions. The habit of breaking things down and checking them one by one is especially important for these clauses. School district boundaries change frequently. Please verify the assigned school for the address before purchasing. Tax and insurance conditions can vary by county. This article is not investment or legal advice, and it is recommended to consult a professional before entering into any actual contracts.