Protections for You the Buyer
Built into Purchase Documents
Pre-Qual letter. You don’t sign a contract to purchase a home until you have some assurance that you will quality for the necessary loan.
Finance Contingency. After a good-faith effort, if you can’t qualify for the necessary loan, you have the right to cancel the contract for a refund of your Earnest Money Deposit.
Earnest Money Deposit. These funds are held in trust by a bonded, licensed title company and will be applied to your down payment.
Inspection Contingency. After you have a signed contract, you have 10 days to do as many home inspections as you wish, and all utilities must be on. Sometimes a qualified home inspector will recommend further inspections. If you are not happy with the results, you can cancel the contract for a refund of your Earnest Money Deposit.
Seller Property Disclosure. The seller is obligated to disclose anything that could affect your decision to buy. You will get a document with these disclosures signed by the seller at the beginning of the 10-day inspection period
Buyer Inspection Response. If your inspection reveals defects but you still want to purchase the home, you may ask the seller to repair your list of unacceptable items. He can consent or decline, but he can’t cancel the contract.
HOA Addendum. If the home you want is a condo or townhome or is a single-family home governed by a Homeowners’ Association, the seller must disclose all costs and the Rules & Regulations associated with it. (monthly dues, assessments, transfer fees). You can cancel the contract if these are too burdensome.
Appraisal. Your lender will order an appraisal, usually after the inspection period. If the appraisal is lower than the contract price, you can renegotiate the price or cancel the contract, with a refund of earnest money.
Mary will keep you posted on all of these as they come up in your transaction.
602-739-1310 Mary cell