Congratulations, you are on your way to owning your very own home! Follow these suggestions (and the advice of your Realtors ®) so that the contract and settlement will go as smoothly as possible.
You will be asked for a down payment on the home you are purchasing. You can choose to put down as much or as little as you want (depending on your mortgage), but remember, the more you put down toward the total price of your home, the less time it will take you to pay off, and the less your mortgage payments will be every month.
During this period of purchasing your home, you are going to need a settlement company to act as an independent third party so that you know when and who to give your money to get the deed to your new home. The settlement company will hold your deposit and coordinate much of the activity that goes on related to the deposit. This deposit check may also be held by an attorney or in the broker’s trust account. Make sure that there are sufficient funds in your account to cover this check.
The deposit check will be cashed. Assuming the sale goes through, this money will be applied to the purchase price of the home. If, for any reason, the sale is not consummated, you may be entitled to receive all of your deposit back, less standard cancellation fees. In certain instances, the seller may be able to retain this money as liquidated damages. Prior to executing a purchase contract, it would be wise to speak with your counsel regarding whether or not it is in your best interest to have a liquidated damages clause as part of the contract.
You’ve made it! Once the sale has closed, you’re the proud owner of a new home. Congratulations!
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Maxim Premier is reinventing the Real Estate paradigm one client at a time. Our goal is simple…….we aim to foster value in the communities we serve, and those our clients invest in. – S.A.C
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Maxim Premier is reinventing the Real Estate paradigm one client at a time. Our goal is simple…….we aim to foster value in the communities we serve, and those our clients invest in. – S.A.C
Maxim Premier is reinventing the Real Estate paradigm one client at a time. Our goal is simple…we aim to foster value in the communities we serve, and those our clients invest in. – S.A.C
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