Taking the giant step into home ownership is certainly a multi-faceted one. Typically the largest single purchase that most adults will ever commit to, it is a good idea to be well versed in all aspects of what such a transaction entails. Following is a brief explanation of what makes up a purchase and sale agreement in a real estate contract. Please note that this is just a general overview and that actual components vary state by state for what this official document entails.
After both the buyer and seller have accepted an offer stating the final sale price, the terms of the agreement are considered. The following items are the usual items that must be agreed upon:
- The final sale price
- How much earnest money the prospective buyer is responsible for submitting, along with specific details such as the time frame, deposit instructions and what are the acceptable forms of payment [Read more...]
When you begin the home buying process, you’ll have a lot of information thrown at you, and you may find it difficult to understand some of it. A common source of confusion among home buyers is the escrow period. It is difficult to illustrate exactly what all goes into an escrow period, as home purchase contracts can vary greatly, but this article should give you a general idea.
The HUD-1 document outlines the cost and terms of your 
We stumbled upon an article on realtytimes.com written by Carla Hill which provides a list of items to look out for when performing your final walk-through. The list includes such actions as:
Buying a home is often the largest financial transaction in a person’s lifetime. Even if you have just started looking you probably have some idea for what the property will cost, but what about the other fees associated with buying a house?
