Once the contract is signed, this is what to expect.
Ask us for a list of reliable home inspectors as you will need a General Inspection report.
You may also ask for a termite or WDO inspection (wood destroying organisms) and a wind mitigation report. If deemed necessary mold inspection too.
The insurance company you choose to use for the new purchase will require the wind mitigation to judge the houses ability to withstand storms and hurricanes. How the roof was built etc, even if its in an apartment complex that covers the cost of replacing and or fixing this in the HOA/COA fees.
An inspection period is the amount of days that are noted on your contract to be able to inspect the property. In most cases 7 days (can be more or less) this time allows you to review the good points and bad points of the properties construction and the equipment it has at the moment. Installation year of the A/C, water heater and roof . Included appliances too. Are they working correctly, when were they installed, do they need to be replaced now or in the near future.
This is why you use us, experienced agents who can point out the defects and the pluses of the property you are purchasing. You have until the last day of the inspection period to cancel the contract if you find the house has too many defects that you will have to address once you live in it. The price of fixing these defects can be negotiated even if the house is sold in an AS IS contract. Usually in the form of a credit to the buyers to fix these problems. If negotiations don’t work the buyer can then cancel the contract but this cancellation must be addressed before the end of the inspection period. Once the inspection period is over the buyer really has no more negotiation power and you are locked into the deal.
If you decided to cancel within the correct time period you should have no trouble to get back the escrow deposit that was already given in as a deposit for the contract. With NO penalties.
Once this inspection period has ended if the buyer is taking out a mortgage the bank will order an appraisal done on the home. If the appraisal comes out over the asking price for the house the mortgage company can deny the loan. If of course the appraisal finds the same amount as the asking price or less than the loan amount the mortgage can continue on its normal path and the closing date will not be changed.
At this point if you find that the appraisal comes out lower than the amount contracted, there will have to be a decision made. Does the buyer add their own cash to make up the difference or does he cancel. Also there can be negotiation on the price of the property between the seller and buyer to come to a compromise agreeable to both parties. Seller goes toward appraisal price and/ or buyer adds some cash difference.
This is where our experience in real estate is there to help you work out this issue, to the satisfaction of both seller and buyer.
If you are paying cash, you can always have the appraisal done at your own expense. The procedure then is similar except you cannot cancel the sale upon receipt of the appraisal or negotiate unless your real estate agent put a clause in the contract such as a contingency addendum to address this issue. With a contingency addendum you may have the same rights as if it were a mortgage as to the price of the purchase. Everything is a matter of negotiation.
During this time we will make sure you receive and send in the application for the Home Owners Association (HOA) or Condo Association (COA) most associations ask for 2 to 4 weeks to do the necessary paperwork for sale acceptance. You will be advised how and when they will ask for an interview.
This interview can be done during or after the contract is closed. If you are an out of towner the association may agree to a SKYPE interview or hold off the interview till after closing. Totally up to them but you should know this information beforehand so that your closing goes smoothly and closes on time.
HOA/COA will issue a certificate of acceptance, most title companies ask for the original copy of this document. See with your agent who will accept this document and transmit to the title company before or on the closing date.
Once approved you may want to set up the for the day of the closing the electricity and water service (if not included by the development) The seller will have indicated to both companies to stop his payments and service for the closing date so you will need to have them keep on for your use. You may also want to set up an appointment with the cable and or internet service provider in advance too. Electricity and water service is just continued but cable may be stopped and may have a long waiting period for an appointment to reset it up in the property.
Closings will be held, normally at the title company, on the agreed upon date. If the contract stipulates on or before and all parties prefer a date before the indicated closing date this can be done as long as all parties and the title company are agreeable.
Closings can be done in person or in advance by electronic documents or by indicating to the title company that you, buyer or seller, prefer not to come to the closing. Discuss with your realtor and the title company the best and easiest method for you to close beforehand.
If you come in person, you may be asked to bring with you 2 forms of identification, ask your agent and or title company what is required. Your final wire to pay for the purchase should have already arrived at the title company,
**Be advised, check with the title company on how, when and to which account your funds should be wired to. Due to fraud and wiring issues it is best to discuss verbally with the title company and not be done online. Do not disclose any of this information online or to a third party. Speak directly to the title company representative that is taking care of your closing.**
The buyer (s) will be signing many documents if they are closing with a loan, a little less time and documents for a cash closing. Buyers and sellers will be meeting and signing at the title company address that has already been indicated on the contract, unless other instructions were given for the meeting. Once the mortgage is oked you will be given all the keys to the property and…
IT’S ALL YOURS! Congratulations!
A deed will be sent to you by mail from the title company after the closing. Ask the title company how long this will take.
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