|
|
 |
|
|
|
|
|
|
|
-
-
House Buying Guide
By: Stuart M. Gorman
Attorney At Law
- Negotiate price with seller
- If there is a real estate broker, sign binder and write a refundable deposit check of approximately $100.00. Write, "Subject to my attorney's approval" on the binder. This is to insure that anything out of the ordinary on the binder can be negotiated out of the contract.
- Call your attorney
- Call a mortgage banker or a mortgage broker. Most bankers and brokers can preapprove you for a mortgage over the phone, at no cost or obligation. Your attorney can recommend a banker or broker.
- Arrange for an engineer's report. An engineer's report will tell you if the house is structurally sound. Your attorney can recommend an engineer.
- Sign the contract and bind it with a down payment. The down payment check written at the contract signing is always between 3% and 10% of the sales price and is subject to negotiation. The seller usually guarantees in the contract that the plumbing, heating, electrical systems and appliances shall be in working order at closing. The house shall be free from termite and other wood destroying insects, infestation and damage and the roof shall be free of leaks. The seller also guarantees that the house will be in the same condition at closing as it is at the time of the contract signing, normal wear and tear excepted.
- Apply for a mortgage. Most banks take between one and two months to close from the date of application. The quicker you supply the bank with all the documentation required, the quicker you will close.
- Inspect the house thoroughly a few days before closing to ensure the house is in good condition.
- Be prepared to spend approximately 6% of the sales price on closing costs. Your attorney can give you a detailed estimate of closing costs at the contract signing.
|
| | | |
| | | |
|
|
|
