BUYING
YOUR HOME
Once
you have found a home and have come to an agreed upon price with the
seller you will sign a sales contract to purchase the real estate.
You will usually have five business days to have an attorney
review the contract. Therefore
you should contact your attorney when you are ready to sign the
contract, because after five business days you may not be able to change
any terms of the contract or receive any reduction in price for property
damage.
-
Property Inspections -
It
is a good idea to hire a professional certified home inspector to make
sure that your new home is in safe condition and not in need of major
repairs (new roof, new foundation, new electrical systems, etc.).
The cost of this should be between $200.00-$600.00 depending upon
the size and location of your new home.
The sales contract should tell you how many days you have in
order to have the inspection done.
You and your real estate agent should also have a final
inspection of the home before closing. You should be sure that the house was kept in the same
condition it was in at the time of the original inspection. Normal day
to day wear and tear is to be expected.
If any damage has been done your attorney can request additional
funds be set aside at closing to cover the cost of the repairs.
-
Mortgage Broker -
After contacting your
attorney, you should be sure to check with your mortgage broker and find
out what documents they still need from you.
Your closing can be delayed and you could lose your interest
rates if you are slow to get information to the mortgage company.
-
Insurance and Utilities -
You
will need to purchase homeowners’ insurance and provide a one year
prepaid receipt at the time of closing.
If you are buying a condominium the seller’s attorney should
arrange for a new certificate of insurance from the condominium
association. Approximately
two weeks before closing you should contact the telephone company as
well as other utilities such as electricity, gas service, and cable TV.
Ask the post office to hold your mail there, do not forward your
mail to the new address until after the closing has taken place.
-
Closing -
As
the closing date draws near you will want to stay in contact with your
mortgage broker to insure that all documents have been received. Your
attorney should provide you with exact closing figures before your
closing. These figures are
usually available 48 hours prior to closing but may not be available
until the day of closing. The
title companies will not take personal checks so you will need to be
able to obtain Cashier’s check in order to purchase your home. Have
the check made payable to yourself, and you can sign the check over to
the Title company at the time of closing.
You will need to bring valid personal identification such as a
current Driver’s license, State or Military ID, or current passport.
