BUYERS GUIDE
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Caldwell and Company is well known for exceptional service and seasoned expertise in the Greater Charlotte real estate market. Caldwell and Company is a multiple FiveStarProfessional award winner. Â There is no substitute for decades of real estate expertise in the Greater Charlotte area market. This Buyers Guide provides an overview as well as key information to help streamline the process through this exciting time.
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Purchase and Closing Process This Buyers Guide is not all inclusive but will provide key insight and general overview of the Caldwell and Company purchase process - from initial consultation to the closing table. INITIAL CONSULTATION
At initial consultation we will review our Buyer services, answer your questions and go over all paperwork necessary to engage Caldwell and Company as your buyer broker. First Things First - or keeping the proverbial ‘horse in front of the cart’, how will you be purchasing your next home: all cash or financing? Cash Buyers: If paying cash, you will need be prepared to obtain a verifiable Certification of Funds letter from your financial institution for the purchase price of the home you intend to purchase. If these funds are in investment or retirement accounts, speak to your representative regarding lead time required to transfer funds for purchase. Mortgage Financing: If planning to obtain a mortgage for some or most of the purchase price speak to your preferred or recommended loan officer. Mortgage products vary greatly depending on if you own more than one home, utilitzing a jumbo loan, are selfemployed, a veteran, first time home buyer, etc. Understand all available options, confirm current rates, estimated monthly payments, verify information on your credit report is accurate and starting the approval process allows you to move quickly and decisively when you have identified a home you want to make an offer on without delay. -
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Purchase and Closing Process This Buyers Guide is not all inclusive but will provide key insight and general overview of the Caldwell and Company purchase process - from initial consultation to the closing table. HOME SEARCH TO ACCEPTED CONTRACT
Next we will review and create a list of your needs and desires for your new home. Your Caldwell and Company broker will then set up a customized web portal with direct access to the MLS including offmarket and pre-market properties for you to access. We will then arrange convenient times for private viewings of your selected properties. When you have found a home you want to make an offer on, your Caldwell and Company broker will prepare a market analysis of the property, the Offer to Purchase and Contract and coordinate all paperwork necessary to accompany your offer. (This is when the work completed in Step 1 will give you a strategic advantage in our competitive market.). Your broker will present your offer to the seller or their broker representative. Upon successfully completing any negotiations, you and the seller(s) will sign a contract containing all terms mutually agreed upon. At this time you will provide two checks: first, a Due Diligence check in the amount outlined in the contract, written out to the sellers.
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Purchase and Closing Process This Buyers Guide is not all inclusive but will provide key insight and general overview of the Caldwell and Company purchase process - from initial consultation to the closing table. DUE DILIGENCE PERIOD
The Due Diligence check is non-refundable. The second check is the earnest money check that will be held in a trust account by the closing attorney until settlement. This check is refundable as long as you terminate the Offer to Purchase and Contract during the due diligence period. Once all parties have signed the final contract, your broker will submit copies to both your lender and the closing attorney. During the due diligence period the following items must be completed: any and all inspections, negotiations for repairs or credit based on the results of the inspection report(s), time for repairs to be made and reinspected as necessary, all items required by your lender to obtain full, unconditional loan commitment. This includes: a title search by the closing attorney, verification of any flood hazard, appraisal, providing your lender with any additional or updated paperwork they require, verification of any HOA or local municipalities special assessments, tax obligations, and other items as required.
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Purchase and Closing Process This Buyers Guide is not all inclusive but will provide key insight and general overview of the Caldwell and Company purchase process - from initial consultation to the closing table. DUE DILIGENCE RESULTS
The Due Diligence Period starts as soon as you are under contract. Your broker will coordinate the timely scheduling and completion of all desired inspections, appraisal and paperwork required for your lender. After all inspections have been completed we will review the reports and decide if you want to ask the seller(s) to make any repairs or ask the seller(s) for a credit in lieu of repairs. Your broker will prepare a Due Diligence Repair Request and submit along with appropriate accompanying inspection report paperwork to the seller(s) for their consideration. Once repairs or a credit is agreed upon, you and the seller(s) will sign the Due Diligence Repair Request. When all loan processes and underwriting as been completed by your lender, you will receive a “Clear to Close” notification. Your lender will submit a draft of your closing disclosures for your review. If all terms and figures are agreeable to you, you will receive a final closing disclosure for you to sign.
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Purchase and Closing Process This Buyers Guide is not all inclusive but will provide key insight and general overview of the Caldwell and Company purchase process - from initial consultation to the closing table. CLOSING
The Due Diligence Fee that you paid to the seller and the Earnest Money Deposit will both be credited against the total amount of funds you will need to bring to closing. About a week to 10 days prior to closing, schedule all utilities to be transferred into your name On The Date of closing. Your broker will schedule a time for you both to conduct a final walk through of the property within 24-48 hours of closing. This allows you to verify the property is in order before you take possession. You and your broker will attend the closing. The seller(s) and/or their broker may or may not be there at the same time. You will review all required documents with the attorney and sign. Once all documents are signed, the closing attorney will record the new deed transferring the property to your ownership with the county. *Please note that many sellers do not authorize release of keys to the home until the new deed has been officially recorded at the county courthouse. Access to the home after closing should be scheduled accordingly.
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Estimates of Typical Inspection, Survey and Lending Closing Costs:
Inspections: most home inspectors base their fees on square footage as well as offering varying level home inspection packages that include a basic home inspection, additional inspections of well or septic, water tests, radon testing, mold testing, and pest inspections. These inspections can range from $500 - $2,000+ depending on your personal preferences, needs or how quickly you want lab results back. Survey: Depending on acreage or type of survey you desire, typical “mortgage surveys” range from $500-$850 depending on surveyor availability or how quickly you want the survey back. Acreage or more detailed surveys can cost considerably more. Origination Fee: typically up to 1% of loan amount Discount Points: (optional, to "buy down" your interest rate) One point is equal to 1% of the loan amount. Appraisal Fee: $500-800 Credit Report: $20-$80. Varies per credit history reporting service utilized by your lender. Flood Certification Fee: $7 - $25 Title Insurance: (owner and lender's policies) $600 - $3,000. This varies according to loan amount and/or property value. Tax Service Fee: $75 - 90
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Estimates of Typical Inspection, Survey and Lending Closing Costs:
Attorney Fee: $850 - $1,600 Title Search Fee: $150 - $350 Prepaid/Escrow Items: Prepaid property taxes: up to 5 months depending on which month you are closing in. Hazard or Homeowners Insurance: first year plus 3 months These amounts establish your "escrow account" with the lender. Each monthly mortgage payment includes a portion that goes to your escrow accounts. When property tax and hazard insurance bills come due, the lender pays these bills on your behalf from the escrow account. Interim Interest: per diem interest from day of month that you close to the end of that month Recording Fees: $80 - $150 Overnight/Wire Fees: $0 - 100
*The information provided reflect estimates of the typical closing costs incurred during the home purchase and settlement process in the Charlotte, NC market. Costs can be higher or waived at your lender's discretion. Request an official loan estimate from your lending institution.
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At Caldwell and Company our goal is simple: Provide our clients concierge-level real estate service and superb results so that we become their preferred, life long real estate partner, confidently referring us to family, friends, and colleagues.
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CONTACT US linda.caldwell@charlotteluxury.com 704.819.3001 COMPANY: Caldwell and Company TheQueenCityCLT TheQueenCityCLT CHANNEL: Caldwell & Company
Caldwell&Company is a licensed Real Estate Broker. All information is from sources deemed reliable but subject to errors and omission, price changes, prior sale(s), financing, or withdrawal without notice. All measurments and other information are approximate and should be verified by your own attorney, lender, inspector, architect or other applicable professionals. @2019 Caldwell & Company