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Your offer will
be submitted to the listing agent and negotiated by your broker.
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After the offer
has been accepted, submit a written Memorandum of Terms with a
personal check for 1% of the agreed purchase price, made payable to
the sellers’ attorney’s trustee account. This will be deposited into
a non-interest-bearing account within three days of agreement. Then:
a) Buyer
makes application for mortgage immediately.
b) All
relevant inspections will be done within seven days of agreement, at the
buyer’s expense.
c) Contracts
are drawn by seller’s attorney and sent to buyer’s attorney to be signed
within ten business days.
d)
Buyer’s
attorney reviews contract with buyer and if satisfactory, buyer signs
contract and remits a personal check for 9% of sales price (9% and 1%
constitute the required 10% down payment on signing of sales contract).
e) Contract is
returned with check to seller’s attorney for seller’s signature.
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Follow up on
mortgage processing. A written commitment should be obtained in two
to three weeks.
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If mortgage is
denied, all deposit money is returned to the buyer. When mortgage is
approved:
a) Letter
of commitment is sent by the bank to the buyer. This is signed by the
buyer and returned to the bank along with any exhibits needed, as
indicated by bank.
b) Notification
of mortgage approval is sent to buyer’s attorney by the bank.
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Buyer’s attorney
does the title search of the property.
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Closing takes
place and title is transferred from seller to buyer. Buyer must have
verification of insurance on property for at least the mortgage amount
and a certified or bank check for the difference between the 10% down
payment plus the mortgage and the sales price. This figure is subject
to adjustments such as taxes, fuel oil, etc. Your attorney will give
you the correct amount, prior to closing. Bring your checkbook in
case minor adjustments are necessary.
NOTE: Until the
contract is signed by both parties, the house technically remains on the
market. It is important to get all the contingencies removed as soon as
possible to expedite the signing of contracts.
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MOVE IN! IT’S
ALL YOURS!
Information
deemed reliable but not guaranteed, and is subject to change without
notice.
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