Buying a home will likely be one of the largest financial transactions you will ever make. At times it may seem overwhelming and confusing. Working with a knowledgeable and professional real estate agent can help make the process much less stressful and much more enjoyable.
The Purchase And Sale Agreement: A legal contract between the buyer and the seller that outlines the agreement between them.
Contract Includes:
Earnest money deposit
Financing terms
Inspection terms
Seller's Disclosure Form
Comprehensive Rider
Various addendums
Disclosures: Lead paint, HOA, CCCL, Condo, etc.
Closing instructions
THE NEGOTIATIONS:Ever-changing market conditions demand that you obtain the services of a qualified agent, skilled in the art of negotiations.
Items considered in the negotiation phase often include:
Market value of the house
Condition of the house
Financing terms
Circumstances surrounding the sale
Loan preapproval at the time of the offer
Earnest money
Once your offer has been presented to the sellers, they will either accept it, counter it or reject it. Often times, sellers accept portions of the agreement but counter other portions. Once the contract is mutually accepted by both buyer and seller, the rest of the purchase process begins.
Title Insurance/Closing Process: The closing agent:
Requests a title report and policy
Drafts the deed and/or other necessary documents
Arranges to pay off existing loans when necessary
Prorates taxes and insurance between buyer and seller
Computes interest in loans
Records the appropriate documents
Disburses the documents and money to each party involved
