Home Buyers' Guide
In negotiating the purchase of your new home, the initial step will be to instruct Alex as your Buyer’s Agent to make an Offer to Purchase on your behalf. The offer will be made in writing and accompanied by a deposit check (1% of the purchase price) to show “good faith”. The check will be deposited in The Riverside Realty Group’s escrow account after seller’s written acceptance.
The Purchase Agreement will stipulate:
- Offered price
- Closing date
- List of applicable contingencies, including obtaining a mortgage and satisfactory building and pest inspections
- Personal property to be included or excluded in the sale of the home
When negotiations are complete and all parties have agreed to the terms of the deal, the seller will accept your offer in writing.
- The buyer will need to make financing arrangements quickly. Next, appointments need to be scheduled for building, pest, septic, well and any other agreed upon inspections. Alex will help guide you through this step, as he will with the entire process.
- The seller will instruct his or her Real Estate Attorney to draw up a contract of sale which incorporates all of the terms previously agreed upon.
The Contract of Sale should always include the following:
- Purchase price
- Any applicable Mortgage contingency and expiration date
- Description of Title to be conveyed from seller to buyer
- Closing date
- Inventory of personal property included in the sale
- List of any work seller agrees to complete prior to closing as a result of the property inspections, or any applicable credits to buyer for this work
The document will be signed by the buyer first after review by their attorney, and accompanied by the balance of the deposit (customarily 10% total) which will be held in the lawyer’s escrow account. Contracts are then signed by the seller. Upon expiration of contingency dates, or release of them, the sale is now “pending” and waiting to close.
Just prior to the closing of the deal, buyers will perform a walk-through inspection of the premises.
A closing of the sale typically takes place at the seller’s attorney’s office or other mutually agreed upon location. In addition to the keys, the seller will convey the deed to the buyer. At this time, conveyance taxes to the municipality and state will be paid off in addition to satisfaction of any applicable mortgages. The deed and property transfer will be recorded in the Town or City Hall by your attorney.
“As a member of the Multiple Listing Service, I offer my clients ‘one stop shopping’—contact me for information on any home, and to get the inside track on the most sought-after real estate.”