Home Buying Process
There are many moving parts in a real estate transaction. This page is provided to help you better understand how the home buying process works. While every transaction varies, this list applies to most typical cases.
This will take place prior to the contingency date mentioned in the previous email. The inspection will take anywhere from 2-4 hours. It is not typical for sellers to be on site during the home inspection. Typically you (Purchaser), your agent and the Home Inspector attend the home inspection.
Your agent will obtain and review a copy of the inspection report. The agent, together with you (the purchaser), will develop a repair request document. After that list is complete, your agent will submit the repair request to the seller.
If applicable, the Buyer’s Agent will arrange for the Termite Inspection Company to conduct their inspection. The purpose of this inspection is to ensure there is no current infestation and determine if there have been any past termite issues, and/or past treatments. If any damage is found, the seller is typically responsible for treatment and damage remediation. Except for VA loans, the cost of the inspection (less than $70) is the responsibility of the buyer according to the terms of the contract, and will be charged on the final settlement statement.
Earnest money Deposit:
This is the amount of money that serves as a good faith deposit, and is held in escrow by the title company and appears as a credit toward the purchase on the final settlement statement.
As we get closer to the settlement date the you will schedule a final “walk-through” inspection with your agent. A walk through usually takes about 30 minutes to complete and it is at this time that you will ensure that the property is empty, clean, and in the same functional condition as of the time of your last visit.