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 look over 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 good faith 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 | HUGHES REAL ESTATE GROUP OF SILVERCREEK REALTY GROUP | 7