Reaching an agreement for buyers

Reaching agreement

It's time to take a deep breath, sit back and allow me to take the lead. There are several hurdles to clear before the house becomes yours, most of which are standard. I have the knowledge and expierence to guide you through to the final contract, even if something out of the ordinary should come up.

Additional deposit.

Depending upon the price of the home and the size of your down payment, the contract may specify a date when additional monies would be placed into the trust account. At this time, the mortgage company or your attorney will order a title search and insurance.

Mortgage Contingency.

Unless you are an all-cash buyer, as part of your sales contract, you generally will agree to obtain financing withing a specified period. This period may be extended with the sellers agreement. If you are unable to secure financing, the contract becomes null and void.

Home inspection.

It is standard for the buyer to pay for a comprehensive home inspection. Accompanying the inspector is recommened for learning all about the house, including such basis as the location of the main water shutoff and electrical distribution boxes.

Mortgage lenders typically require inspections for wood-destroying insects, while some states and municipalities mandate specific inspections typically paid for by the seller. Some insurers require inspection of underground oil tanks. The responsibility for any repairs based on inspections is subject to negotiations between you and the seller.