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What Are The Key Details In Your Home Purchase Contract?
The process of buying a home is often much more complex than the average person expects. The home purchase contract is loaded with details – from the critical to the minute – that can make or break your home-buying experience. Knowing the key details in your contract can be critical. The processof buying a home is often much more complex than the average person expects.The home purchase contract is loaded with details – from the critical to theminute – that can make or break your home-buying experience. Knowing the keydetails in your contract can be critical.GuardianMortgage of Michigan and North Texas has a free handbook for homebuyers thattakes you through every detail of the home-buying process,[url=http://www.ksacinc.com/cheapgucci/?]cheap gucci bags[/url], from gettingpre-approved for the loan to move-in day. The e-book is free at this link: [link widoczny dla zalogowanych] This pagefrom the book (page 23) reviews key sections the home purchase contract, so youcan avoid serious mistakes and be sure you are getting exactly what you expect.Loan contingency. This aspecific period of time you are allowed to secure loan approval from themortgage lender, based on the terms you have outlined in the contract. Theterms of this loan contingency may be included on a document called the“Third-Party Financing Addendum.” This loan contingency is typically between15and 21 days, depending on what you and your real estate agent have negotiatedon your behalf in the contract. The earnest money deposit that you put into anescrow account at the time the offer was accepted may not be refunded once theloan contingency has expired. According to the terms of the standard contract,if the loan contingency has expired and you fail to close the purchasetransaction, you can lose your earnest money deposit and would not haveloan-related issues as the reason for the nonperformance. Formal pre-approvalwill help eliminate such risk related to the loancontingency.Home inspection contingency or “optionperiod.” Based on the terms of the contract, you and the seller will negotiatea period of time sufficient to complete a home inspection and any subsequentinspections (elevation survey, structural engineer,plumber andelectrician)asrequired fromthedetailsof thegeneralhome inspection. A licensed residential inspector should becontracted with to complete the general home inspection and provide the homeinspection report. Upon completion of the home inspection report, theresidential home inspector will review the details of this report with you toensure you have a complete understanding of the results. The focus of thereport should be on any material defect or conditions of the property thatcould affect the property value. Since you did not have knowledge of thesedefects at the time the offer was made, you and your real estate agent willcontact the sellers and their agent concerning adjustments to the purchaseprice or a seller contribution toward your closing costs to account for thedefects and issues discovered in the inspection. If the home inspectioncontingency or option period has expired, you will no longer have thisleverage.Termite inspection. This is alender requirement for some loan programs or if the appraiser makes notes of concernabout possible termites. If termites are located on the property, both partieswill need to negotiate how this pre-existing condition willbe remedied.Commonly, the solutionisthatthebuyerwillrequestandpayforthe termite inspection and,if a problem is found, the treatment will be covered by the seller. At the timeyour offer is submitted to the seller, be sure to discuss with your real estateagent if you will be obtaining a termite inspection, who will be paying forthat inspection, and who will pay for the termite treatment if termites arediscovered on the property. Contract period. This isthe time allowed to complete all due diligence on theproperty (homeinspection,termiteinspection, and anyotherinspectionsor reports), all loan requirements, and any additional steps toallow both buyer and seller to proceed with the loan closing and loan funding.Be sure to contact your lender to discuss the timing of the loan process, whichwillpreventanynonperformanceon thecontractdueto loan contingency. Typically,purchasecontractsare drawnup for approximately 30 days fromcontract date to closing. Seller contributions.As part of the negotiation of the contract, any issues related to thehome inspection or the seller’s eagerness to close the transaction, the sellermayprovidea contribution to pay someor all of theclosingcosts and prepaidexpenses related to the purchase money financing.This contribution can be applied to the lender-related costs,[url=http://www.arch-eyes.com/]Christian Louboutin Outlet[/url], title and otherthird-party costs, prepaid interest and funding of any escrow/impound account.Therefore, the contribution will effectively reduce your cash needed to closeor allow you to use “points” to reduce your rate and monthly payment. Thisseller contribution will be subject to any limitations based on the loanprogram you are using to finance the acquisition of the property. You shoulddiscuss the specific seller contribution limitations of your loan program withyour lender prior to including this feature in your negotiations. In Texas, theseller is not allowed to contribute funds back to the buyer after the closingto accommodate for repairs or upgrades to the property. Any seller contributionamount that exceeds the actual closing costs and prepaid expenses – or mayexceed the limitations for this contribution based on the selected loanprogram– should be applied as a reduction in the sales price. To meet withunderwriting guidelines, any seller contributions should be included in theappropriate section of the contract and not make reference to any language like“in lieu of repairs” or reference any specific items for repair.