There are several steps to the buying process you will go through before you can officially take ownership of your new home.
Finding the perfect home is a time consuming endeavor and will require a clear plan to help you navigate through all of the options available to you.
With the market as competitive as it is, it is very important to have your financing in order prior to submitting an offer and establishing a pre-approval with your lender. More information about this process can be found at our Mortgage Center .
Purchase And Sale Agreement
Once an offer on a property has been made by a buyer and accepted by the seller, they enter into a legal contract known as a Purchase and Sale Agreement. The Purchase and Sale Agreement outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the document.
Once a buyer and seller reach mutual acceptance on a property, a home inspector is hired to inspect the property to determine the condition of the home and if any repairs are needed. An inspector will check the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical and general condition of the property. Once the inspection is completed, the inspector will issue a comprehensive report outlining every aspect of the property. As a buyer, you will have a chance to negotiate with the sellers to cover the costs of certain repairs or to ask for concessions.
Whether you’re a buyer or a seller, negotiation is the key to getting the best deal. Negotiations can involve everything from settling on a sales price to concessions and financing. We are excellent negotiators and will represent your interests throughout the entire real estate transaction.
You will receive a full report detailing the property history for you and your lender to ensure there are no legal encumbrances between a new owner and the property being purchased.
Once the offer is accepted and a closing date agreed upon, escrow allows the buyer and the seller to have an outside party ensure all parts of the contact are complete. Parker Property assist in the coordination and completion of all necessary forms to the escrow company and monitor the escrow process until the transaction is complete.
At closing, all the paperwork is signed by the buyer and seller, both parties pay any settlement fees and the documents are officially recorded. Prior to closing, you’ll receive a settlement statement outlining any fees which may apply to you. After closing is finalized and recorded, you legally own the home.