Completing the Deal Part II

What’s in a Sale Agreement?

A purchase and sale agreement sets a purchase price for the home and a series of terms and conditions. For instance:

• Contracts routinely depend on the ability of a buyer to obtain financing and/or sell their current home, which is why most sellers prefer buyers with mortgage pre-approval letters.
• A growing percentage of transactions involve a home inspection, or a physical review of the home by a trained and independent observer. Generally the buyer's agent arranges the inspections, which the buyer typically pays for.
• Lenders will establish numerous conditions before granting a loan. They will want a title exam, title insurance to protect against title errors, termite inspections, surveys and an appraisal to assure that the home has sufficient value to secure the loan.

Comments

[Seattle Home Inspections]

This is a great post. I think that way too many times buyers only look at the monthly mortgage payment and fail to account for everything else that goes with home ownership.
Principal, interest, taxes and insurance are just the beginning. Whether your a first-time buyer or thinking about moving up, you should plan for extra costs that could add up to thousands each year. Give yourself the piece of mind and get a home inspection.