Page 27 - Town and Mountain Realty

What happens when
you’re under Contract
Once the the sellers accept your offer you you you you will will enter the the Due Diligence period period There are are two important elements to this period period The The first is is you you you you will will arrange financing if you you you you are are planning to to use a a a a a a loan to to purchase the the the home Your lender will start the the the process of getting the the the final approval for your your loan They will work with your your closing attorney to to get the the data they need about costs and and present you you with a a a a a a Good Faith Estimate of of your costs and and terms of of the loan The The lender will also order a a a a a a a a a a a a formal appraisal appraisal of value value The The appraisal appraisal value value must match or or or exceed the amount you you offered for the the the home or or the the the lender will not be able to lend lend the the the full value you you are expecting The next section will discuss the due diligence period in more detail but it is is important to understand North Carolina law operates under the doctrine of ‘caveat emptor’ when
it comes to to real estate purchases Better known as as “Buyer Beware ” What this means is is that under NC law the seller of a a a a a a a a property property has no obligation to to disclose anything about the property property to to a a a a a prospective buyer It is is the the the duty of the the the buyer buyer and buyer’s agent to to ensure that the the the property is is in acceptable condition to to complete the the the the purchase During the the the the buyer’s due diligence period the the the the buyer buyer has has the the the the right to terminate the the contract for any or or no reason at all and recoup their earnest money deposit Home Buying Guide
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