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I Want To Buy!
Choosing your Agent
Getting a Mortgage
Mortgage Application Checklist
Countdown to Closing
Talk about a big ticket item!
Buying a home will launch you into a whirlwind of activity with lasting personal and financial impact. Done right, you'll achieve not only your perfect dream home, but also a sound investment for your future.
It's never been more important to be an informed buyer. Maureen Moran can help with vital information and expert guidance each step of the way.
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Within 48 hours of acceptance, the initial earnest money is desposited. Buyers and sellers hired an attorney for the closing. Typically, the initial earnest money is in the form of a personal check for $1,000. The first two contingencies that must be satisfied are the attorney's review and approval and the property inspection.
When the attorney approval is complete, the balance of earnest money is deposited. If the parties are not able to reach an agreement on any modifications to the contract, the buyer's agent or the buyer's attorney must terminate the contract in writing within the attorney review period.
From Contract to Closing: Step by Step
- Contract and disclosures are delivered to attorney for review.
- Buyer orders the property inspection.
- Seller delivers the homeowners association budgets, declaration, by laws and meeting minutes for the buyer and attorney to review.
- Property inspection is performed and any problems or defects to the property are discussed with attorney and Realtor. If the parties are not able to reach an agreement on modifications to the contract (repairs or credits to buyer), the buyer or the buyer's attorney must give written notice to terminate the contract within the property inspection contingency period.
- After the attorney review and inspection period is complete, the buyer delivers the balance of the earnest money. Any earnest money over $5,000 will be held in an interest-bearing account until closing and applied to the down payment of the buyer's loan.
- Contract is delivered to the lender, who will schedule the property appraisal.
- Lender issues a loan commitment for the buyer.
- Seller's attorney schedules the time and place of the closing and delivers the documents for the closing.
- Both parties submit change of address notifications and set up insurance and utility service.
- If there is a mortgage on the property, the seller gets loan pay off letter from their lender.
- Buyer schedules the final walk through. Ideally, the final walk through will be scheduled within 24 hours of closing and the property will be vacant. Often, the sellers have not completely moved out. It is important to confirm that items that needed repair have been repaired and that the property is in the same condition it was as the time of contract.
- Buyer's attorney gets an estimate of closing costs from the lender or title company.
- Buyer brings a cashier's check for the remainder of the down payment and a drivers license to closing. The buyer must attend the closing to sign the mortgage documents.
- Seller delivers all keys, garage door openers, etc to complete the closing.
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