Page 8 - Laurie Quatrella Buyer's Guide 2023

Once an Offer is Accepted ...

Once there is an offer and acceptance, a fully executed Binder with a
M deposit check (usually 1%), a pre-qualification letter from a mortgage
UE TEA company, or proof of funds, the following is considered the standard

sequence of events:

RBL Inspections:
You will have a home inspection done at your expense. This should occur within 7 days of the fully
executed Binder. The Inspector will check the condition of the structure from basement to roof, the
NDE A mechanicals, the appliances that are to remain as part of 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.

THE V Contracts:

Once the Binder is fully executed and before inspections are completed, you will need 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 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 order
it as soon as possible.

Closing:

The closing is generally held at the Seller’s Attorney’s office. There are times, however, when the
lender requires that a closing be held in the office 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 bindered it. If there were repairs to be made as a result of
the inspection, you will want 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. 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!

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