Closing is known by many names. For instance, in some areas, closing is called settlement and transfer. In some parts of the country, the parties in the transaction sit around a table and exchange copies of documents, a process known as passing papers (“We passed papers on the new house Wednesday morning”). In other regions, the […]
Almost all purchase contracts include a home inspection contingency clause, a provision to allow the buyers to hire a professional home inspector of their choosing to thoroughly evaluate the home for any major problems. After you’ve accepted an offer on your house, the buyers will coordinate home inspection within 10-days in average. This is the […]
What happens during the time period known as “escrow,” between signing the purchase contract and finalizing sale on your home? This is the final part in completing the sales transaction. During this part, all the paperwork and all parts of the contract are completed. When buyer makes an offer, they will need to deposit an […]
This is going to be a long post, so grab your coffee and start exploring the most important real estate transaction: sales contract. It is the most important document in the sale of real estate. It establishes the legal rights and obligations of the buyer and the seller. Depending on the area, the contract may […]