It is an important moment in a person’s life when they are buying a home. This is an accomplishment that many save and prepare for a long time so that they can have the home of their dreams. An investment in a home is not something that should be taken lightly. This is why there is a long process in place between bidding on a house and closing the deal. It is important for this process to be followed while purchasing a new home. To ensure this, it can be beneficial to enlist the services of a skilled attorney to navigate and oversee the process.
When people find the house that is right for them, the first thing they must do is put in a bid for the house. This is an offer that, if approved, they can begin to close the deal. However, closing the deal is no small feat. This takes place over a period of time in which several other steps must be taken. This ensures the house is prepared and ready to be sold. The following are the different steps that make up the process of buying a residential property:
- The contract: When purchasing a home, there is a real estate contract that binds both parties to the purchase. This is an agreement that outlines the arrangements made by both parties based upon their needs. It is important that the contract is reviewed before signing to make sure the buyer’s rights and interests are met. Once it is signed, the buyer’s offer can be accepted.
- The home inspection: Once a contract is signed, an inspection generally takes place within a few weeks. Inspections are usually carried out by a professional to make sure no problems exist within the house that were not previously addressed. If there are any issues, the buyer can request repairs or negotiate the price.
- Title inspection: During inspections, an attorney will determine the condition of the title and conduct a title search. This determines if the seller benefits from the sale of their house, if there are any restrictions on the property, and if there are any liens against it.
- Mortgage contingency: When a contract is finalized and signed, the buyer may need to access the proper finances. This may require them to receive a mortgage. In order to receive one, the buyer must be approved by the bank. If they are not approved, the deal can break and the transaction for the property can end.
- Closing: Once all these steps are met, both parties can close the deal. During this time, a final walk-through of the house can be conducted to ensure the conditions are met. When the funds are finally exchanged, the buyer can receive the keys to their new home.
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