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Buyer's Information
7 Steps to Buying a Home
The Fifth Step
The offer is accepted!
Now the work begins:
In the first few days after acceptance you will be receiving the Seller’s Property Disclosure, this is a form filled out by the seller stating the condition of the property to the best of his current actual knowledge. You will also receive the Square Footage Disclosure, disclosing to you how the square footage was determined. If the property was built prior to 1978 you will also receive a Lead Based Paint Disclosure.
You will then be receiving documents from the title company pertaining to title insurance. I will also be receiving these documents and will have them looked over for any red flags. I do have an excellent brochure explaining residential title insurance if you are interested. Along with these documents you will receive the association decks, bylaws, rules and regulations if this pertains to the property you are purchasing. It is important to go over these carefully to make sure there is nothing you disagree with. Such as "No Dogs Allowed" and you have one you do not plan to give up.
Next we will get an inspection done on the property. I will give you some names of local property inspectors to call and arrange a time to do the inspection. This is done and paid for by you at the time the inspector does the inspection. He will write up a report of the items that he has found that need attention. I will go over this list with you and you will decide what if any of these items you want the seller to take care of before closing. I will then present this form to the listing agent. We will then hear back from the seller if he agrees or disagrees to fix the items. He may decline to fix the items entirely, fix some of the items, or give some cash back at closing for you to take care of the items yourself. If there is a major defect found in the property and the seller refuses to fix it you can then cancel the contract if you wish.
A survey of the property may be required by the title company in order to provide Owner’s Extended Coverage Title Insurance on a single family home, duplex, triplex, and some townhomes.
An appraisal will be done on the property ordered by your lender. When the appraisal comes back in most cases it will have appraised for the offered price. If the appraisal comes back lower than the price agreed on you can tell the seller the results and that you will pay the appraised price or no deal.
If all goes well with these items we then proceed to the closing.
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