Buying A Home - Other Considerations

Deposits
Deposit monies are held in an escrow account by either the broker or attorney. Deposit monies are usually due 10 (calendar) days after attorney review. The buyer is considered in breach of contract if the monies are not deposited on time.

Mortgage Application
Shop aggressively for the best rates and mortgage package. Call around to various banks and brokers. Remember to ask for a Good Faith Estimate. This document outlines the loan and all the fees.

Plan Your Move
Moving is the most stressful part of the home buying process. PLAN AHEAD!!! Research moving companies way ahead of time, schedule interviews with school guidance counselors, order change of address, find a gym for your family and don’t forget about voter registration!

Order Utilities
Buyer and seller coordinate the transfer of cable, alarm systems, garbage, electric, gas and water service. Make arrangements for service at least three weeks prior to closing to guarantee timely service activation.

Final Walk-Through
The final walk-through inspection is performed by the buyer on the day of closing, ensuring that the property is being delivered in good condition.

Closing of Title
Time and location are determined by the attorneys. Both buyer and seller are given a settlement statement (HUD 1) before closing, outlining exact amounts of deposits, escrow fees and other closing costs. The buyer brings certified funds to the closing and should receive the exact dollar amounts from the attorney the day of or before the closing.

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