Once your offer is accepted by the seller it starts the next phase of the transaction. You will be asked for a down payment, typically 1% of the purchase price, on the home you are purchasing which will be held with an attorney or settlement company and applied to the final purchase of your property.
By the time this happens, you have come to an agreement with the seller on the closing date and the contingencies This period is usually 30 days and each item specified in the contract must be completed satisfactorily.
This should be completed as soon as possible after the contract is signed. If the results of the inspection are unsatisfactory you can negotiate repairs or cancel the contract.
Once the contract is signed, you have a period of time to secure funding. If you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to cancel the purchase. This is why being pre-approved before shopping for a property is so important!
The title must be "clear" to ensure that you do not have legal issues regarding your ownership. We can help you look into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.
This is almost always required before you can close the sale. It best to apply for insurance as soon as possible after the contract is signed.
Searching for your dream home can be a time-consuming experience. Working with our professional team will make the process much more efficient.
331 Foothill Rd Suite #100 Beverly Hills, CA 90210
331 Foothill Rd Suite #100 Beverly Hills, CA 90210