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Please see the below information that is helpful to know throughout the sale process!
Information Concerning Mortgage Financing:
- Lender Changes: Let us know if you change lenders.
- Mortgage Down-Payment / Type Changes: Changing the type of mortgage (i.e. conventional, FHA, VA) or the down-payment typically requires seller permission.
- New Debt and Expenditures: Avoid new debts or large expenditures without lender approval.
- Rate Lock: A “rate lock” is the time period the lender guarantees your interest rate. If possible, ensure the rate lock expires at least two weeks after your target closing date.
- Deposit: A “deposit” is paid by the buyer in the early stage of a real estate sale that is credited towards the amount of money needed at closing. A personal check for the deposit is preferable as it is easier to trace for mortgage documentation purposes and to cancel in the event it is lost. Take a photo of the check and use a tracking number if mailing.
- Gifts and Investment Sales Timing: If you are selling investments or receiving a gift for cash at closing, determine in advance how long it will take for funds to be accessible.
- Cash at Closing: The remainder of your down payment and closing costs are paid in a lump sum at closing to the title company by: (1) wire transfer; or (2) cashier’s check (also known as a “bank check”). Please do NOT wire any funds without verbal communication with my office. Personal check is not acceptable for payment at closing.
Information Concerning Property Inspection:
- Timing: Home inspections are scheduled after attorney review. We will let you know once attorney reveiw ends.
- Other Common Inspections: For property that isn’t a condo or cooperative, Buyers normally also schedule a sweep for underground oil tanks, radon test, and termite inspection. Home inspectors may not conduct those inspections – you must ask.
- Cosmetics / Items Beyond Their Useful Life: Cosmetics and items without any defects but past their standard life span are normally not categories for objection.
- Follow-Up Inspections: Home inspectors may recommend follow-up inspections such as chimney inspection, roofer, electrician, plumber, etc.
- Cancellation: If a seller refuses to repair legitimate defects, buyers usually have the option to cancel the sale with the return of the deposit.
- Survey: If the property is not a condo or cooperative, our office recommends a survey as the survey will reveal if structures or improvements cross a boundary line which can materially impact value and use. Costs range from $750-$1,250 and the order can be made after the property passes inspection.
- Unavailability: Notify us in advance and confirm the day before if you plan to be unavailable during the sale process (for examlpe vacation, medical procedures, work travel).
- Government Photo ID. A government photo ID (driver’s license or passport) is required for the closing. If you lose your government photo ID, apply immediately for a new one and notify us.
- Wire Fraud Notice: In the event you make a wire transfer, never submit a wire to any accounts without verbally confirming wire instructions on the telephone. If our office ever sends wire instructions, call us to confirm the instructions were sent by our staff. If you receive changes or unexpected wire instructions, contact us immediately.
- Final Walkthrough: A final walkthrough with utilities on is scheduled for the night before or morning of closing. Realtors normally coordinate the walkthrough. After closing, call the municipality to transfer utilities to your name.
- Target Closing Date: This closing date is an “on or about” date. Until the contingencies are resolved (i.e. inspection, financing, clear title, and government certificate) a firm date cannot be set. Maintain flexible housing and avoid substantial costs until the contingencies are satisfied if possible.
- Closing Location: The closing normally occurs at the office of the buyer’s attorney’s. For cash sales, there is no need for a formal physical closing as documents may be e-signed. Sellers usually do not attend and mail their documents to the closing.