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Panic? Well, maybe a little. Besides doing
that, follow these suggestions (and your realtor's advice)
and you'll soon be the proud owner of a new home.
After you've signed on the dotted
line, you'll be asked to provide a check for the "earnest
money", showing that you are a serious buyer. This
deposit check is cashed and held in an escrow account
until closing. Make sure that there are sufficient funds
in your account to cover this check.
The deposit check will be cashed.
Assuming the sale goes through, this money will be applied
to the purchase price of the home. If for any reason
the sale is not consummated, you may be entitled to
receive all of your deposit back, less standard cancellation
fees pertaining to the accepted purchase agreement.
The period that you are "in escrow"
is often 30 days, but may be longer or shorter. During this
time, each item specified in the contract must be completed
satisfactorily. By the time you have opened escrow, you have
come to an agreement with the seller on the closing date and
the contingencies. Each contract is different, but most include
the following:
-
Inspection contingency. This should be completed as
soon as possible after the contract to purchase is
signed, as unsatisfactory results of the inspection
may mean that you will want to cancel the contract
.
- Financing
contingency. Once the contract is signed, you have
a period of time to secure funding. If, for any reason,
you are unable to secure funding during the period
of time granted to you by the contract, you must decide
whether you want to remove the contingency and take
your chances on getting a loan. You may choose to
cancel the purchase contract .
- A
requirement that the seller must provide marketable title.
With an attorney or title officer, review
the title report. The title must be "clear" to ensure
that you don't have legal issues regarding your ownership
on down the line.
Check into local and state ordinances
regarding property transfer and make sure that you and/or
the seller have complied with them.
Secure homeowner's insurance. This will probably be
required before you can close the sale. It would be
in your best interest to apply for insurance as soon
as possible after the contract is signed to ensure the
best available premium.
Contact local utility companies to schedule to have service
turned on when you close escrow.
Schedule the final walk-through inspection. At this time,
you should make sure that the property is exactly as the contract
says it should be. What you thought to be a "permanently
attached" chandelier that would come with the property
might have been removed by the seller and replaced with a
different fixture entirely.
You've made it! Once the sale has closed, you're the proud
owner of a new home. Congratulations!
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