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Panic? Well, maybe a little. Besides
doing that, follow these suggestions (and your realtor's
advice) and you'll soon be the proud owner of a new home.
After you've signed on the dotted line, you'll be asked to
provide a check for the "earnest money", showing
that you are a serious buyer. In Kentucky, the standard of
practice is that a deposit in the amount of 1-3% of the purchase
price is deposited into the selling broker’s escrow
account.
The period that you are "in escrow" is often 30
days, but may be longer or shorter. During this time, each
item specified in the contract must be completed satisfactorily.
By the time you have opened escrow, you have come to an agreement
with the seller on the closing date and the contingencies.
Each contract is different, but most include the following:
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Inspection contingency. This should be completed
as soon as
possible after the contract to purchase is signed, as unsatisfactory
results of the inspection may mean that you will want to
cancel the contract.
- 2.
Financing contingency. Once the contract is signed,
you have a
period of time to secure funding. If, for any reason, you
are unable to secure funding during the period of time
granted to you by the contract (and the seller will not
provide a written extension of time), you must decide whether
you want to remove the contingency and take your chances
on getting a loan. You may choose to cancel the purchase
contract.
- A
requirement that the seller must provide marketable title.
With an attorney or title officer, review
the title report. The title must be "clear" to ensure
that you don't have legal issues regarding your ownership
on down the line.
Check into local and state ordinances
regarding property transfer and make sure that you and/or
the seller have complied with them.
Secure homeowner's insurance. This will be required
before you can close the sale.
Contact local utility companies to schedule to have service
turned on when you close.
Schedule the final walk-through inspection. At this time,
you should make sure that the property is exactly as the
contract says it should be. What you thought to be a "permanently
attached" chandelier that would come with the property
might have been removed by the seller and replaced with a
different fixture entirely.
You've made it! Once the sale has closed, you're the proud
owner of a new home. Congratulations!
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