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Important information about the protections available to the home buyer.
Your agent will submit the fully executed contract to your real estate attorney for attorney approval. The time period is for three business days upon acceptance of the contract. It is very important for you to discuss the contract with your attorney after you have signed it. There are a number of things that your attorney will need to confirm and/or discuss with you before he/she can approve it on your behalf. To have your attorney approve the contract without first discussing it with you would defeat a good portion of the purpose for requiring the approval in the first place. During the attorney approval period, you may back out of the contract for any reason if you are not satisfied with the contract and it cannot be negotiated in your favor.
One of the protections available to you is a home inspection. Any purchase should be contingent on an inspection by a licensed structural inspector. The home inspection will identify potential structural deficiencies (any single major repair that will cost more than $1,500), as well as the overall condition of the property. If a seller is unwilling to repair a structural defect prior to closing, or provide a credit to you to enable the report to be completed subsequent to closing, you will have the right to terminate the contract if you so choose. The home inspection is a valuable tool and will help you avoid buying a home that requires major repairs that often are not visible or known to sellers.
You should plan on being there and your agent should be right there with you the entire time. Chances are the seller’s agent will be there too, to help get any quick answers the inspector might need. Block off the entire morning or afternoon. Home inspections take time and you don’t want to rush through it. During this time, follow along as much as you can. You don’t have to follow the inspector into the crawlspace – they bring protective clothing just for that – but anyplace reasonably accessible, you should go too.
The contract for purchase and sale will require that you apply for a mortgage within five (5) days of execution. It will be important to have copies of bank statements and income tax returns available to submit to your lender. As part of the mortgage application process, your lender will have the house appraised to determine its fair market value in order to determine that it will support the mortgage loan you have applied for. You may be required to pay an application fee and/or appraisal fee at the time of application, as referred to in the Preparing to Buy step.
We help you find the perfect home by taking your preferred price, aesthetics, location, lifestyle, nearby amenities, etc and set you up with personalized listing alerts. Whenever a listing hits the market that matches your criteria you will be immediately notified. This means that you will NEVER miss an opportunity.
As part of the Central District, we also work with an extensive network of vendors and contractors that offer us special deals for home repairs, furnishing, painting, plumbing, electrical work, gardening, and so much more. These will allow you to settle into your home faster, and without the need to vet them yourself.
Here at Platinum Team, we understand how important it is to use the right home inspector. Which is why we will guide you through the process of choosing the right one, going over every issue that may be revealed by it (even new constructions have minor issues), and help you determine which ones can be negotiated.
With over number of years of experience in the Central District, we’ve helped hundreds of clients meet their home ownership goals. We’ve helped them secure financing, negotiate the best possible price tags and terms, smooth the moving process, settle into their new community, and so much more.
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