Purchase Course Tutorial
Starting with YOU and ending with YOUR HOME follow the path to your closing by simply clicking on the processes and fees you want to learn about.
mySelf
myClosingSPACE
My Realtor
My Attorney
My Lender
My Home
my Realtor
The Process
The Fees
Offer
Good Faith Deposit
Home Inspection
Down Payment
Contract
Inspection Report
Walkthrough
Realtor Commission
The Process
Offer
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Your Realtor should have a good grasp of the market and recent sales in the area. Is the house in your range of affordability? Is it in move-in condition or will it require additional investment? If the house is just right making a fair offer the first time may save you the disappointment of being outbid.
Home Inspection
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A detailed inspection report of the property analyzing property condition and any discoverable deficiencies. It may be used to further negotiate the contracted purchase price or to determine responsibility for repairs needed. Generally ordered by the buyer from a licensed home inspection company, the report may uncover issues requiring additional at cost inspections, including an engineer's report or termite inspection. Termites are small insects and very difficult to detect but capable of severely damaging a home by eating away at the wood deep inside. A Termite Inspection is an important step when purchasing a new home, and may be required by your lender.
Contract
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Your Realtor and/or Attorney will have the experience to review the contract and advise you of any points of negotiation. Good Faith Deposit is paid at the time the purchase contract is signed. It is generally non-refundable after an agreed upon period of time for attorney review and property inspection.
Walkthrough
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The final walk-through inspection of the home is an important and symbolic step in the new home purchase typically on or immediately preceding the day of the closing.
The Fees
This section reflects the costs and fees associated with the Realtor in a purchase transaction. These costs and fees are often held on behalf of the purchaser in an escrow account (held by a third party on behalf of a party or parties to a transaction) to be credited to the transaction at the time of closing.
Good Faith Deposit
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This deposit is paid at the time the purchase contract is signed. It is generally non-refundable after an agreed upon period of time for attorney review and property inspection. It is held in escrow (held by a third party on behalf of a party or parties to a transaction) by the seller’s attorney or realtor in the transaction.
Down Payment
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This is the down payment made towards the purchase price of the home and will vary based on the terms of the contract, lender requirements or other factors. It is generally due in good funds at the time of closing.
Inspection Report
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A detailed inspection report of the property analyzing property condition and any discoverable deficiencies. It may be used to further negotiate the contracted purchase price or to determine responsibility for repairs needed. Generally ordered by the buyer from a licensed home inspection company, the report may uncover issues requiring additional at cost inspections, including an engineer's report or termite inspection.
Realtor Commission
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A commission payable to a licensed realtor, often a percentage of the contracted purchase price and generally paid at the time of closing.
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