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Typical Home Purchase Procedure

Step 1:

In negotiating the purchase of your new home, the initial step will be to instruct your broker to make an offer of purchase. This offer should be in writing and accompanied by a check (1% of the purchase price) to show "good faith". The offer should include:

  • The amount you are willing to pay

  • Closing and occupancy dates

  • Any contingencies, including obtaining of mortgage, and building and pest inspections.

  • Any personal property specifically included or excluded

If the offer to purchase is not acceptable, further negotiations are necessary to reach terms agreeable to both buyer and seller.

Step 2:

When buyer and seller agree on terms:

  • The buyer immediately applies for financing and arranges for building and pest inspections

  • The seller arranges with his attorney for the drawing of the contract of sale based on the agreed terms

Step 3:

The sales contract should include, among other things, the following:

  • Purchase price

  • Mortgage contingency, if any

  • Quality of title to be conveyed

  • Date of possession

  • Itemized list of personal property included in sale

  • Satisfactory building and pest inspection (if desired)

The contract is reviewed by the buyer (and his attorney), and signed by both parties, usually within 10 to 15 days. The buyer's attorney proceeds with arrangements for title search and other preparations necessary for the closing or passing of title.

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