You have just spent the last several weeks if not months looking for
the right house, done some shopping in regards to Financing. You made
an offer on a house and experience successful negotiation with a seller.
You now have an ACCEPTED contract...
You have moved into a further-phase of the home buying process.
You are a party to a Legally Binding Contract.
As the purchaser, you not only have specific responsibilities, but several terms and
performance dates to fulfill. It's time to re-read the contract you have just signed
and make a check list of everything that must take place on your part in order
to make the transaction go smoothly.
Here is a brief outline of a few things that come to mind:
1. Get to your lender and complete a loan application. (this is required)
You must have complete, documented loan approval no later
than 10 days before the closing date. This includes appraisal.
Your Neglect, Procrastination of this can void the contract.
You could possibly lose your earnest money.
2. Property Inspection: You have twenty days after the contract's
acceptance to submit Property Inspection Reports. (But no Later
than 10 days prior to closing date) If you do not make the deadline,
per contract, you could lose your right to inspect the property,
and maybe lose your earnest money if you choose not to buy
the house for that reason.
3. Wood Infestation Report: A/K/A Termite Report. Again, this has
a deadline to perform.
4. Perform a Final Walk-Through: A few days before closing, we
schedule an appointment to walk-through the house before we
close. We want to make sure everything is as we expect.
No damage has occurred, items are not missing.
5. Set up in advance, utilities, water, phone, cable.
(In the winter, without heat, your pipes will freeze.)
6. CALL THE TITLE COMPANY... Tell them how you want to
hold title, (see our other page that talks about this) Instruct them
to fax you a copy of the settlement statement at time of closing.
Review the HUD-1 Settlement Statement BEFORE closing.
Information contained on this page is author's opinion only
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