After I have found the house I want to purchase, what are the typical steps involved in writing an offer?
With the exception of Fairfield County, you and your Realtor will write the contract and the following steps typically will apply: Step 1 Sales contract is signed by buyer and submitted with earnest money of typically $500 to $1,000. Step 2 The seller accepts and signs the sales contract. Listing broker deposits earnest money in an escrow account until closing. Step 3 If buyer has chosen to have contingencies specifying building and termite inspections to be written into the contract, these inspections are done at the buyer’s expense within agreed-upon days of signing the contract. Step 4 Within 10 days of contract acceptance, additional monies are due which will total 10 percent of the purchase price, or an amount mutually agreed upon between buyer and seller. Step 5 Buyer submits mortgage application to lending institution or to mortgage broker. Step 6 Lender simultaneously orders credit report and an appraisal of the property. Step 7 Lender approves buyer’s credit and property as co
Related Questions
- Do I need legal advice when making an offer on a house, signing a purchase & sale, or when signing closing documents?
- What are the common steps to take in writing an offer once I have found the house I want to buy?
- What are the other aspects and cost involved with purchase of a house with Goa Escapes?
