Frequently Asked Questions
WHAT'S IN THE PURCHASE OFFER?
A real estate purchase offer is a legally binding contract that a homebuyer uses to make an offer on a property. The primary elements of the purchase offer include the offer price, down payment, earnest money deposit, and contractual dates that stipulate when the transaction will close and how many days the buyer has to meet certain conditions including the property inspection, appraisal and loan periods. Within the purchase offer, the buyer will also commit to various additional details including how escrow costs, real estate transfer taxes and any local point of sale ordinances will be paid.
WHAT ARE CLOSING COSTS?
Closing costs can include lender fees, title & escrow fees, transfer taxes, property tax adjustments, prepaid property taxes, prepaid homeowners insurance costs and more. Some of these costs are negotiated as part of the contract, while others are not. Your lender will be able to give you an up-front "Loan Estimate" that will give you a good idea of what your overall closing costs will be.
WHAT INSPECTIONS SHOULD I GET?
Because your home is likely your biggest investment, it's essential that you have a thorough understanding of its condition before you buy it. There are three basic inspections all home buyers should be prepared to pay for once under contract to purchase a home: a home inspection, pest inspection and roof inspection. Aside from these, there may be other inspections recommended depending on the condition, location and age of the home. Virtually all homes will have issues. The inspection period is your opportunity to learn whether you can manage the costs associated with any needed repairs. The inspection process is also an opportunity to learn about the property's positive attributes. I regularly attend inspections and can help you pick the right inspectors and contractors for your needs.
Windermere Real Estate
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