Pfanntastic Home Buyers Handbook
Chapter 8 A. – From Contract To Closing The Deal.
In our journey towards buying your 1st home, so far we have covered.
- A broad overview in buying your 1st. Home
- Location, is Everything
- Selecting a Realtor
- Preparing to View Homes
- Watching the Market
- Financing Options
- Finding A Lender
- Getting (Pre) Approved for a Mortgage
- Making and Offer
- Making an Offer in Different Conditions
Please review the previous chapters for more details in our Pfanntastic Home Buyer Handbook Series, and or contact Peter of Linda Pfann.
You now have an accepted contract in place for what we hope will become your new Pfanntastic home, but we are not done yet, to some degree, some of the more intense and sometimes more stressful period in the home buying process is upon us. The period between you having an accepted contract until approximately one week after your actual moving day will be a busy time for you. It is important to stay on top of all the details, the paperwork and all the arrangements that will need to be put into place for the rest of the home buying steps to progress as smooth as everything we have assisted you with so far.
You will recall that we suggested early on that having a “team” of specialists available to you if and when needed……., This is the time that you will most likely will need to call upon your team and seek their assistance, guidance, advice and support.
Peter and Linda want to make sure that as your agents (Realtors) we are here to be a very active part of your home buying expert team, and will make every effort to make this very important phase in the home buying process, as smooth and challenge free as possible, so be sure to call upon us if and when you ever have questions, a need or just need to get a sounding board for your thoughts, ideas and or frustrations..
“Subject To’s” or Contingencies
From the previous chapters we know that in most offers, there will be a number of “Contingencies” more commonly referred to as “Subject Clauses”. Subject To Clauses are there to allow you the buyer (and sometimes the seller) to check, verify, review, inspect, obtain assurances and or arrange for those things that are essential to you in order to proceed and or cancel a contract. Sometimes also referred to as “The Due Diligence Time” the intend for this period of time is to make sure that not only that you are getting what you hope and bargained for, but also that you are able complete all the terms and conditions of the contract and take over the ownership of the property on or before the dates you agreed upon in the contract offer.
The most common Subject Clauses include (but are not limited to) the following clauses.
- Subject to Financing and Appraisal
- Subject to an Inspection of the property, land and or services
- Subject to Approving the Title documents
- Subject to Approving the Sellers Disclosure documents
- Subject to being able to obtain Insurance
- Subject to Approving the Strata and or Home Owners Association documents
- Subject to New Home Specifications and Construction details.
As mentioned there may be other “subject to’s” needed, dependent on the situation, the property and or your specific requirements, but in general the use and application of these types of clauses are there to allow you to verify if you can and will want to proceed with the contract if and when the issue that you are concerned about has been satisfied.
Typically we are able to receive all the answers you need (from the various people that will help you) to complete and or (dis-) approve all the subject clauses, within 10 to 14 days.
In the next sections of this very important chapter we will review the most common “Subject To” clauses, outline their purpose and what is involved to make sure that your best interests are always protected.
As always, if you have any questions, concerns or would like to explore your options, be sure to Talk To Peter or Linda Pfann, we will ensure that our 25+ years of client focused results will benefit you.
Visit our Website for additional resources www.pfanntastic.com