THE OFFER

(OR AGREEMENT OF PURCHASE AND SALE)

Once we have found your dream home, we will present the offer.  I will act on your behalf in preparing the offer, discussing the "Terms" such as Possession date, Purchase price, Chattels and Fixtures, and advising on specific conditions.  Please read it and become familiar with it so it doesn't frighten you when your dream home is found.  It is customary for the purchaser to make a deposit with the offer as evidence of good faith.  The amount depends on the price of the home so I will advise you beforehand.

ONCE THE OFFER HAS BEEN ACCEPTED

After congratulations and celebrations are over, it's time to meet with your lending institution.  Bring along the following:

•·         A copy of the Real Estate listing

•·         A copy of the Accepted Offer and any waivers

•·         A survey of the property

•·         An Employment Letter

Once your financial institution is in possession of all the documents, it will

•·         Have an appraisal done on the property to establish its' value.

•·         Conduct a credit check.

•·         Verify your employment history.

•·         Verify your GDS and TDS ratios to confirm your financial qualifications.

The next step in the "closing process" is to meet with your lawyer.  He/She will go over their role with you and explain in detail the things they will do such as:

•·         Title search (determine legal owners and any O/S liens.)

•·         Building and Zoning (determine any O/S work orders or problems.)

•·         Realty Taxes (To make sure Seller has paid up to date.)

•·         Utilities (Check to see if Seller is in arrears.)

•·         Executions (Check any past lawsuits.)

•·         Requisitions (To Seller's lawyer before "Requisition Date".)

•·         Costs (What price they will charge you for their services.)

Your lawyer will typically require you to come to his/her office to sign all of the final documents during the last week prior to closing.  This is why it is important for you and anyone else going on title to stay in town during this critical time.