How to Purchase a Home

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NOW WHAT?

You’ve searched and searched for your ideal home, and finally, you’ve found one! NOW WHAT DO YOU DO?

  1. If you are financing the purchase of you home: Prior to or during your search, your Realtor probably suggested that you apply for a mortgage and ask your banker or mortgage broker for a pre-approval letter.
  2. If you are paying cash for the purchase: You will need to provide Proof of Funds along with the contract and addenda to present to the Seller.
  3. Review the terms of the contract carefully with your realtor or attorney, especially the timeframes for deposits due and the inspection period.
    • Deposits are typically due as follows: initial deposit is due either with the contract, or within 3 days of acceptance of the contract, and the second deposit is often due 10 days from the effective date of the contract.
    • Be sure to take note of the Inspection period, which is customarily 7 to 15 days from the effective date.
    • Schedule an inspection as soon as possible within the time frame stipulated on the contract, either on your own or through your Realtor, If you are purchasing a Single Family Home and/or in a community with an HOA, you may want to order a Wind Mitigation Inspection. This will save you money on your homeowners insurance premium. If you are financing your purchase, this will probably be required, but check with your lender to be sure. Also check with the property manager, as the HOA may have one on file.
  4. Once you’ve decided to move forward, apply for and secure a mortgage commitment and ask your Realtor to supply the title Company with your Lender’s Information.
  5. Apply to the Condo Association or HOA or Country Club — be sure to include the contract and all the addenda with the application. Many associations also require a copy of your Driver’s License.
  6. Call your Homeowners Insurance company and purchase insurance. Check with the Association for Hazard/Flood insurance requirements. Most condos do require it, and many insurance companies offer “Condo Packages.” Bring the Insurance Binder and paid receipt to the closing.
  7. Order Survey: If you are purchasing a single-family residents. Your lender will order (and usually) charge you for an appraisal of the property, as well as a property survey. The survey should be certified to you, your lender and the title insurance company. If you are buying a condo, or in a community with common elements, you should not need a survey, but double check with your lender.
  8. Seven to ten days prior to closing:
    • Arrange for the utilities to be transferred to your name and to be turned on at 1201 am the day after closing. Typically, the Seller” owns” the day of closing.
    • Notify the Post Office of your change of address.
    • Request Medical records from your doctors, dentists, ophthalmologists, and other health care providers to bring to the new local counterparts.
    • Provide the Title company’s wire instructions to your bank(s) for the transfer of funds for a seamless closing.
    • Ask your Realtor to secure a copy of the Certificate of Approval from the Condo Association or Homeowners’ Association.
  9. Day of Closing: Schedule the Walk-Through for the Day of the closing (More on this in another edition of my Blog!)
  10. Bring the following items to the Closing table:
    • Government Issued Photo ID such as Driver’s License, Passport, etc.
    • Original Condo Association or Homeowners; Association Certificate of Approval.
    • A Blue Pen!

CONGRATULATIONS!

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The information contained in this Blog is for general information purposes only. The information is provided by Stacey Halio Realtor® and we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to Stacey Halio Realtor®, or the information, products, services, or related graphics contained on this Blog site for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of property, data or profits arising out of, or in connection with, the use of Stacey Halio Realtor's® Blog.

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