Six Steps to Complete
After You’ve Signed the
Real Estate Purchase Contract
Now that you’ve signed the real estate
purchase contract (REPC) and you’re looking forward to moving into your new home, what do I need to do? There
are a few steps you need to take to insure the move into your new home goes as smooth as
possible.
First, get a home
inspected. Always get a detailed home
inspection as soon as you have an accepted real estate purchase contract. This should be done within a couple of
days after signing the contract. A professional home inspector will accompany you to inspect the home. He will
point out the repairs the home needs or the discrepancies that may exist between the current status of the home
and the seller disclosure document. The seller will be informed of the problems and will normally agree to make
the necessary repairs. A home inspection put you in a much stronger negotiating position prior to closing your
home purchase.
Meet with your mortgage
lender. You should have already have met with your mortgage lender. He/she will need the following financial statements from you: W-2
forms or signed tax records for the past two years; copies of your recent two or three months bank statements;
copies of your current pay stubs (or proof of income if self-employed). If there has not been an appraisal on
the home, be prepared to pay an appraisal fee. An appraisal is required before the loan is
finalized.
With the help of your real estate agent,
select a title company. Once you have a
title company, provide them the necessary paperwork. The purpose of the title company is to insure that the
transaction is legal and that you have an unencumbered title to the property you’re purchasing. They will do the
title work, review the survey, prepare mortgage documents and all prepare all the papers needed for closing.
After the settlement, they will prepare all the papers for your mortgage lenders, accounting and title
insurance, life documents and release escrow.
You must provide proof of home
insurance. Before you can finalize your
loan, you have the right to choose a company to insure your home. If you need assistance, your real estate agent
can refer you to a reputable company. Remember, you have the right to choose your home insurance company. Take
the time to find someone you feel you can trust and work with.
Get your certified funds for
settlement. The title company will tell you
a few days prior to closing the exact amount of money due a closing. Many people bring a certified check to
closing.
Do a final walk through of the home
before signing at closing. Take a copy of
your home inspection with you. Not any discrepancies that have not been completed. Take your time and do a
detailed inspection. This is your last opportunity to clarify any problems or concerns you have on your new
purchase. You want your transition to be as easy and stress-free as possible. After you’ve completed the walk
through, transfer the utilities into your name.
Choose your agent
wisely. Working with a full-time real
estate agent is a must. Ask questions of your agent. Find out how knowledgeable he or she is about houses
currently for sale in your price range and also of houses that have recently sold. Can your agent
recommend a good lender that has the reputation of excellent customer service and low rates? Does your
agent ask questions of you to have a full understanding of what you are looking for to help you get the most
home for the money?
Do you have questions or need advice you can count on or
just want to discuss this further?
Don’t waste any more time; pick up the
phone and call me now! I’m here to help!
I offer a Five Star Guarantee. I appreciate your business, loyalty, trust and
referrals. My goal is to provide the very best counsel and advice to meet your real estate needs. If I can assist
you, a relative, friend or co-worker, please give me a call. I look forward to the opportunity to serve
you.
For prompt, courteous, professional
service, call Larry Andrew:
Cell:
801-369-5125
Office: 801-756-2121
Real Estate
Purchase Contract
|