8. HAVE A PROFESSIONAL HOME INSPECTION
As mentioned above, the offer can be made subject to your approval of the home’ s condition. It is highly recommended that all buyers have a professional inspector review the home, and write a report that judges the home’ s quality and condition. Based on this report, you can ask the seller to make repairs. If the seller refuses, you may rescind your offer and have your earnest money returned to you. Generally, the inspector checks the electrical system, plumbing and waste disposal, water heater, insulation and ventilation, potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof.
9. REMOVAL OF ALL CONTINGENCIES
Within the time frames indicated on the contract, all contingencies, including the inspection, financing, and title report shall be removed by the buyer. Additionally, the lender will order the appraisal. Assuming the appraised value is at least the purchase price and there are no conditions of the appraisal, you are ready to close!
10. FINAL WALK-THROUGH
The final walk-through is normally done a couple of days before closing, in order to verify that the home is in the same condition as it was when you made the offer, all required repairs have been completed, and all conditions of the sale have been met by the seller.
11. CLOSING
Prior to signing, you will be able to review the closing statement. This will designate all the costs paid by the buyer to include escrow closing fees, property taxes, interest( from the day of closing to the end of the month), loan origination fee, recording fees, title insurance, prepaid escrow fees, one year homeowner’ s insurance, and any document preparation fees. Your lender will give you a Loan Estimate of all closing and prepaid costs required when you fill out a loan application. You will sign a mortgage note, promising to repay the loan. The seller will give you the title to the house in the form of a signed deed. The deed and mortgage will then be recorded in the state Registry of Deeds and you will be a homeowner.
12. CONGRATS- YOU ARE A HOMEOWNER!
Once all the required documents are funded and recorded, you will receive the keys to your new home.
AN ORIGINAL PUBLICATION OF IDAHO LEADS | 7