Deposit
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| Before closing it is typical to make
two deposits. The first earnest money deposit is made at
the time you make the offer. It is usually for $500 or $1,000.
Your second deposit is usually due within 7 – 14 days
after acceptance of your offer by the Seller. In many cases
the second deposit is paid after the home inspection. Both
deposits are held in escrow by the listing agency until closing. |
| Closing date |
| The closing date is a negotiation
between Buyer and Seller. |
| Financing terms |
| Within an offer a Buyer agrees to
submit a mortgage application within a specified number of
days. The amount to be financed is specified as well as the
type of mortgage. There is also a date in the offer by which
the lender needs to provide a commitment letter. |
| Home inspection |
| There is a home inspection section
of your offer in which you list what types of inspections
you’d like (general, pest, radon, etc) and what time
period you need to get them done. |
| Confirmation of having
received property disclosure |
| You will receive a property disclosure
about the home you wish to purchase. In this disclosure the
Seller has answered questions about the condition of the
property. You will initial each page of the disclosure and
sign it. You will then confirm on the offer that you have
received it. |
| Under agreement |
Once your offer is accepted you will need
to:
Apply for a mortgage
I will help you find a mortgage broker if you don’t already have one
Schedule a home inspection
I can help you with this as well.
Review condo docs (if you’re buying a condo)
Look for property insurance (if you’re not buying a condo) |
An appraisal of the property will be ordered. The title company
and underwriting will start their work. A closing will be scheduled.
For your convenience, your closing can be held in one of our
offices.
I will be at your closing to answer questions, hand over keys
and congratulate you on your purchase!
If the above sounds daunting, don’t worry – I’ll
be on hand through every step.
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