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Due Diligence
One of the most impor tant steps in the purchase of a home is the inspection. This will cover all major systems of the home including HVAC, plumbing and electrical. The inspector will also inspect the windows, utilities, water pressure, foundation, and so much more. The inspection t ypically takes about 3-4 hours and will be scheduled a few days once you’re under contract. If you would like to attend the inspection, I t ypically tell my clients to show up for the last hour of the inspection. This way, the inspection has time to do their job and can then explain to you what they have found when you arrive Some clients of mine prefer to be present throughout the duration of the inspection so they can wak around the home with the inspector If you would like to schedule any additional inspections, please let me know so I can get ever y thing scheduled close to one another. Other due diligence items to consider include radon testing, sewer scope, roof inspection, chimney inspection, termite inspection.
The inspection cost is generally calculated by square footage, age of home and distance Inspections t ypically range from $300 and up depending on the size of the home.
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Congratulations... Your Offer Has Been Accepted!
Your agent will let you know all of the details, but in a nutshell, here is what will happen nex t:
Deposit: Once the Buyer and Seller have signed off on the Purchase Contract, the home is conditionally sold; this means the Seller must sell to you, however, the sale is not final until you (the buyer) satisf y all applicable conditions. The escrow deposit is usually held by the escrow company and will be applied to the purchase price at closing. If contingencies are not removed, the initial deposit is not subject to the Liquidated Damage Provision and per the contact is to be returned to you, the Buyer
Satisf y Conditions:
Depending on your situation you will likely have some or all of the following conditions to your purchase:
1. Financing
2. Home Inspection
3. Condo Document Review
4. Approved Title Repor t
