Once You Have an Accepted Offer
Once You Have an Accepted Offer Depending on what state you live in an escrow company, title company or an attorney will be your closing company. These companies will process the paperwork and close the transaction when it is time.
They are a neutral third party. Their job is to make what is agreed to in the Purchase Agreement happen. You will receive a lot of paperwork from them. You need to read everything.
Contingencies
A contingency is something that has to happen for the contract to move forward.
The typical contingencies in a real estate transactions are:
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Loan
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Appraisal
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Investigation
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Title
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Common Interest (HOA)
You have time frames in the agreement to do your due diligence and then if you are satisfied remove the contingency.
You will remove the loan contingency once the lender tells you are approved for the loan. Make sure to see that approval in writing.
You will remove the appraisal contingency once the lender tells you the home has been appraised. Make sure to see a copy of the appraisal.
Investigation contingency is a broader contingency. It covers the home inspection and all the disclosures that the seller will be providing you with. It is as broad as does the house simply meet your needs. Once you are good with everything and any repairs are agreed upon in writing you can remove this contingency.
You will receive a Preliminary Title Report from the title company. This has the legal description of the property and any easements, liens etc. It might be a bit confusing but read it in its entirety. There is a Title Officers name and phone number on it. Feel free to call the Title Officer with any questions. Just reference the Title Order Number when calling. They are paid to answer your questions. Use them.