PAPADAKOS REALTY


BUYER		Buyer's Steps Step 1 In negotiating the purchase of your new home, the initial step will be to instruct your real estate agent to make an Offer to Purchase. This Offer is in writing and accompanied by a check (1% of the purchase price to show “Good faith”). The offer should include: The amount you are willing to pay; Closing and occupancy dates; Any contingencies, including obtaining of mortgage, building and pest inspections; Any personal property specifically included or excluded. Step 2 When the buyer and seller agree on terms; The buyer immediately notifies his/her attorney, applies for financing and arranges for building, pest and other pertinent inspections; The seller arranges with his/her attorney for the drawing of the Contract of Sale, based on the agreed terms. Step 3 The Contract of Sale should include, among other things, the following: Purchase Price Mortgage Contingency, if any Quality of Title to be conveyed Date of Possession Itemized list of personal property included in sale Satisfactory inspectsion The Contract of Sale is reviewed by the buyer (and his/her attorney), and signed, usually within 10 days following the acceptance of the offer. It is exchanged with a check from the buyer to the seller’s attorney for 10% (less the 1% binder money), of the purchase price. IF 95% financing is accepted, then the check would be for 5% less the binder money. After the seller has also singed the contracts, the buyer’s attorney arranges the title search and other preparations necessary for the closing or trans of title.

PAPADAKOS REALTY

Buyer's Steps