The Services Of A Realtor®
When it is time to enter the purchase market seriously, it
is advisable to utilize the services of an experienced Realtor®.
Realtor® will assist in more than just showing you homes
by helping with neighborhood decisions, considerations of
price range available and assisting with the many and varied
forms related to a real estate closing, including the purchase
A Contract Offer
When you have decided that you like a particular piece of
property currently on the market, the next step is to make
an offer on the property. This offer must be made in writing
- perhaps on a preprinted real estate purchase form. These
forms are available from a wide variety of sources. Your best
bet is to use one provided by the local bar association and/or
board of Realtors®. Your Realtor® will be able to
assist you with this function.
intend to have an attorney involved in the transaction, now
is the time to get them involved, as they will be able to
assist in the negotiation and drafting of the purchase agreement.
then involves a counter offer from the seller, and various
other offers and counter offers until the terms of the agreement
have been fully negotiated.
Once the contract is finalized, there is generally a requirement
to present a sum to the seller as an indication that the buyer
is serious about purchasing the home.
Since most purchasers are incapable of paying for a home with
cash, it is generally essential to obtain a loan from a lender.
A Property Inspection
During this period, and prior to closing, it is a good idea
to have a licensed engineer perform an inspection on the home
to determine that the major systems of the home are in working
order and that the foundation and home structure are in good
It is always a good idea to obtain a casualty policy of insurance
on the home. This will also be required by your lender should
you have one so that their security in the loan is protected.
On The Property
This function is generally performed in a Title First office.
Various documents including those related to your loan will
be signed. The settlement statement will contain all the figures
involved in the sale.
Fees/Debits Commonly Seen At The Closing:
Escrow of funds for taxes and insurance
Private Mortgage Insurance
Title insurance commitment/premium for loan policy
Home owners' insurance
Credits Commonly Seen at the Closing:
Title Insurance examination
Title Insurance commitment/premium for owner policy