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Page three will address professional inspections with notices and mortgage contingencies.
As the buyer you can have an inspection of the home you want to buy - you pay for it. As your Barrington Buyers Agent I cannot insist that you have one but I strongly recommend it. You should also consider Radon, Lead Based paint, Termite and if you have any concerns about a homes foundation - then a structural engineers report is the only thing that will put your mind or pocket at ease. These inspections need to be done within 5 days of your contract date, and your attorney must serve notice on the sellers or their attorney within those 5 days. Therefore we need to get them arranged quickly. (10 days is allowed for Lead Based paint).
The seller has 5 days to respond to any requests made by your attorney. So simply there are 10 days to get inspections done and resolutions agreed. If you are late getting it done and do not let the seller know, your rights are gone.
A common misconception is that a contract can be voided for anything on the home inspection - not so. Minor repairs and maintenance are specifically excluded from this paragraph.
Now to mortgages. If you are buying cash then none of this applies. Remember as your Barrington Buyers Agent I am only allowed to fill in the blanks.
What is a mortgage contingency? It means this contract is subject to you getting the mortgage you need. You will have a pre-approval but sometimes the final approval does not come through. You are not tied to the contract if that happens as long as we tell the seller in writing that you were refused.
I am going to enter a date by which you agree to get a firm commitment from the lender. This is called a "Clear to Close" commitment but usually has a few final conditions. I'll indicate what type of mortgage you are applying for, how much you want to borrow from the mortgage company, what the interest rate will be as a maximum and over how many years you are going to spread the loan. It is my job to make sure this deadline is met - if we are getting delayed we'll ask the seller to agree to extend the date for us. Your job is to get your written mortgage application in to the lender as soon as you can. If your loan officer wants more information from you, get it done quick!
While on the subject of mortgages - your loan officer will tell you this and hopefully more than once. This is not the time to go and buy a car or start adding to your debt by buying all that new furniture and loading your credit card. Your mortgage approval can be severely affected. You may lose the house.
At the bottom of page three - initials required again and property address. The mortgage paragraph spills over to page four and deals with a purchase money mortgage. Simply the seller can lend you the mortgage himself if he wants - if your mortgage was refused.
In the next episode I'll explain about property insurance and associations which is page four of the contract.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.