When buying a home, it’s strongly recommended you use a Realtor. A Realtor keeps your best interests in mind and helps navigate the home buying process. Attempting to buy a home without a Realtor can really make the home buying process more difficult.

The earnest money deposit is frequently referred to as the ‘good faith deposit’. The primary purpose of this deposit is to show a seller you are serious about purchasing their home. The amount that is deposited is subtracted from the final figure that a buyer pays at the closing table. In most cases, the larger the deposit, the stronger a purchase offer looks to a seller.

The due diligence period is often 10 business days and gives buyers the unilateral right of cancellation for any reason during that time period. The repair procedure illustrates the buyers right to inspect the subject property and deadline to submit a repair addendum. This section also defines “Seller Paid Repairs,” as the costs of all repairs necessary to make the roof free of leaks, address environmental concerns, and to make all the following systems operable: heating, air conditioning, electrical, plumbing, water supply & water waste.

As a buyer, you have the option to perform a final walk-through prior to closing. Is it required? No. Is it recommended? Absolutely! When doing a final walk-through a few things you should check is that furnace is working, the toilets are flushing properly, and there is hot water.

When buying a home, the excitement level is high! It’s important to understand that the closing date in the purchase offer is a target and not a guarantee. Before you hire the movers and take time off from work, know that the closing date in the contract isn’t necessarily the date you will own your new home. Your lender and closing attorney will have a more accurate closing date for your new home.