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Step 1
In negotiating the purchase of your new home, the
initial step will be to instruct your broker to make
an offer or purchase. This offer should be in writing
and accompanied by a deposit check to show "good
faith." The offer should include:
- Legal names of Seller and Purchaser.
- Identification of subject property
and property size.
- Any personal property specifically
included or excluded.
- Purchase price and payment schedule.
- Mortgage contingency, if any.
- Any other contingencies such
as structural inspection, pest inspection, well
test, etc.
- Quality of title to be conveyed.
- Attorney's approval contingency.
- Proposed closing and occupancy
dates.
Step 2
When buyer and seller agree
on terms:
- Good faith deposit is placed
in escrow with listing broker.
- Both parties take the contract
to their respective attorneys for review and approval.
- The buyer then applies for financing
and arranges for the building and pest inspections.
Step 3
When inspections are complete
and contingencies are resolved:
- Buyers' attorney proceeds with
arrangements fir title search.
- Seller's attorney prepares proposed
deed.
- Preparations are made for closing
and passing of title.
- POINTS. Also called Loan
Origination Fee.
- INTEREST ON THE LOAN. Interest
covering the period from the date of closing until
end of month.
- TITLE INSURANCE. Often
the banks require the insurance.
- ATTORNEY'S FEES.
- SURVEY FEES. If not recently
surveyed, the lender or title insurance company
may require a registered survey or map showing the
location of the house and the boundaries of the
property, as well as easements and rights of way.
- RECORDING FEES. The buyer
usually pays the fee for legally recording the new
deed and mortgage.
- HOMEOWNER'S INSURANCE. Proof
of current policy is necessary at the closing.
- ADJUSTMANT COSTS. Paid
to the seller at closing (where applicable):
- Buyers share of pre-paid property taxes
- Heating oil remaining in the tank
- Sewer service charge, if applicable
- PEST INSPECTION
- BUILDING INSPECTION
 The
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*not available in all areas
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