Step 1
The initial step will be to instruct your agent to write a Purchase and Sales Agreement which is your offer to purchase. This agreement should be in writing and accompanied by an earnest money check to show good faith.
Step 2
This Purchase and Sales Agreement should include, among other things, the following:
- Purchase Price
- Mortgage contingencies, if any
- Itemized list of personal property included in the sale
- Closing date and possession date
- Any contingencies including, home inspection or repair cost.
|
Step 3
Once the Purchase and Sales agreement has been executed:
- The buyer should immediately make application for any mortgage necessary to close.
- Buyer should arrange for a home inspection in accordance with agreed upon terms
- The buyer and seller should
- satisfy and remove any contingencies on the contract.
Step 4
The buyer’s lender and real estate agent will arrange for closing of the transaction with an attorney or title and escrow company and will keep you up to date on every step of the process.
TYPICAL HOME PURCHASE COSTS
Points and Loan Origination Fee.
Pro-ration of interest, escrow deposits and home owners insurance |
Title Insurance and closing fees.
Recording fee. Typically the buyer pays for legally recording the new deed and mortgage
SURVEY FEES. If not recently surveyed, the Lender or Title Insurance Company may require a registered survey or map showing the location of the house and the boundaries of the property, as well as easements and rights of way.
HOMEOWNERS INSURANCE. Proof of current policy is necessary at the closing.
|
