NOW THAT YOU HAVE FOUND THE RIGHT HOUSE, WHAT DO YOU DO?
Once you've found the right home, you will want to review the detailed information about the
contract offer. You and your sales associate will fill out a contract for sale! Offer to
purchase stating exactly what you're willing to offer relative to price, down payment,
deposit, financing, inclusions, and all other details. Although at first it may appear
to be a complicated contract, it typically encompasses only two pages and is explained
thoroughly by the sales associate. If there is any portion that you do not understand,
be sure to ask questions.
NOW THAT YOU HAVE A PURCHASE AGREEMENT, WHAT'S NEXT?
Between the time the contract is signed and the actual settlement or closing is reached on the house, the buyers and sellers go through various steps. They include: the buyer meeting with the lender to apply for financing; an appraisal on the house for the lender to make sure that the value of the house is in accordance with the amount of the loan; the buyers' financing is approved; the seller has any required inspections completed; the buyers and sellers, through the sales associate, establish the date and place for settlement; and the actual closing is performed either at the title company, bank, attorney's office or the real estate office.
WHAT HAPPENS AT THE CLOSING OR SETTLEMENT?
This is the time when the buyers, sellers, real estate agents, and the bank's representative sign all the final papers to transfer the title from one owner to the next. At this time the buyer brings the check for the cash down payment and other costs, the bank brings the check for the amount of mortgage, and the seller brings the keys to the house. The seller signs the deed over to the buyers. Other documents relative to Federal law are signed by both buyers and sellers, and at that time, a settlement sheet is drawn up so that all parties understand their costs. It's always good to talk to the sales associate before the settlement to get a clear understanding of exactly what will happen. Typically, when the buyers leave the settlement table, they have the keys to the house, they have signed the mortgage and will begin making monthly payments, and they can now take possession of their new home!