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Guideline To Purchasing A Home!
- The buyer(s) have found their desired home! An offer is presented through a contract of sale and submitted to the listing agent with the buyer’s pre-approval.
- The price and terms are negotiated between buyer(s) and seller(s), agreed upon and submitted to the seller for signatures.
- The signed contract is delivered in 3 business days to the buyer(s), buyer’s attorney, seller(s) and seller’s attorney.
- Attorney review has begun. The buyer(s) and seller(s) are not in a binding contract yet. At the seller’s discretion, other buyer(s) may submit back up offers.
- The buyer’s attorney will circulate a rider which will reflect any changes, revisions of terms, price, etc. The seller’s attorney will review and discuss with the seller(s). Once all parties have executed the rider, attorney review has concluded! A binding contract has now been formed.
- Home inspection is typically done within 10 calendar days, arranged and paid for by the buyer(s).
- The buyer’s attorney will send the first deposit to the seller’s attorney within the 10 business days.
- During this time, the buyer(s) are encouraged to begin the mortgage application with their preferred lender/bank. The appraisal must also be ordered through them.
- A home inspection report will be produced and delivered to the buyer’s attorney to discuss with the buyer(s) any issues of concern. An itemized punchlist will be sent to the seller’s attorney to be discussed with the seller(s). Once all parties come to an agreement and have executed the punchlist, the home inspection contingency is satisfied.
- The buyer(s) should check in frequently with the lender/bank to ensure all required documents for the loan process are received in a timely manner due to the potential risk in a delay with closing.
- Appraiser will typically call buyer’s agent and setup. The appointment is scheduled. The buyer’s agent should provide comps, contract and floor plan if available.
- The appraisal report and all required documents are then submitted to the lender/bank for their review during the phase of “underwriting” for the buyer(s) commitment.
- All outstanding conditions and required documents must be met by the buyer(s) for the mortgage commitment to be issued.
- At this point, the buyer’s attorney will run title search on the property and address any issues that arise.
- Once the clear to close has been issued by the lender/bank, a target closing date is determined. The buyer(s) are on their way to closing!
- A final walk through is generally scheduled the evening before the day of closing to ensure the home is in agreed upon condition. Any issues that may arise must be relayed to the buyer’s attorney immediately who will then disclose and discuss with the seller’s attorney.
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