Page 8 - Small Booklet Buyers Guide2023

Once an O er is Accepted ...

Once there is an o er and acceptance, a fully executed Binder with a deposit
check (usually 1%), a pre-qualification letter from a mortgage company, or
proof of funds, the following is considered the standard sequence of events:

Inspections:
M You will have a home inspection done at your expense. This should occur within 7 days
UE TEA from basement to roof, the mechanicals, the appliances that are to remain as part of
of the fully executed Binder. The Inspector will check the condition of the structure
the sale, for termites, for lead in all houses built before 1978, for radon (optional), the
septic tank, well, the pool and oil tank if applicable.
RBL Contracts:
Once the Binder is fully executed and before inspections are completed, you will need
NDE to hire a Real Estate Attorney who will represent you at the closing and review the
contract forwarded by the Seller’s Attorney. Within 10 business days, you will need
to sign these formal contracts. By that time, any building inspection issues should
be resolved. Upon signing the contract, you will need to write a check for an amount
THE VA agreed upon at Binder—10% is a standard Binder deposit. This check is typically placed
in the Seller’s Attorney’s Escrow Account. Contracts are then returned to the Seller’s
Attorney for the Sellers to review and sign.
Mortgage Contingency:
There is a Mortgage Contingency involved in most transactions. The mortgage amount
is indicated in the Binder, and again in the contracts. You will generally request a
period of 21-45 days for mortgage approval - this, too, is stipulated in the Binder and
the contract. Once you submit an application, which should be done immediately, the
Mortgage Company will contact a licensed appraiser to complete a formal appraisal of
the home you are purchasing. This is most often completed within two weeks of the
fully executed Binder. It is in your best interest to request your Mortgage Broker to YOUR NEW
order it as soon as possible.
Closing:
bindered it. If there were repairs to be made as a result of the inspection, you will want BEGINNING
The closing is generally held at the Seller’s Attorney’s o©ce. There are times, however,
when the lender requires that a closing be held in the o©ce of their Attorney. On the
day of the closing you will complete a “final walk-through” and will personally inspect
the home you are purchasing to see that it is in the same condition as when you

to ensure that they were done according to the contractual agreement. The “final walk-
through” is arranged through the Real Estate Agents involved in the sale. The date of
closing was agreed upon during the negotiating period and is indicated in the contract. IS WAITING
The time of closing is usually determined within the last week of the closing date. By
this date you are all packed and ready to go. Except for a few incidentals that might
need your attention, (please refer to your “Closing Checklist”), your buying journey is
over and you have reached your goal. Congratulations, it’s time to celebrate!

8 203 259 8 326 | VA N D E R B L U E . C O M