Sun Realty, Punta Gorda, FL 33950June Poliachik, Realtor CDPE, SFR
Cell: (914) 916-0100

 

  Home Inspections do you need them?
An engineer's inspection is very strongly recommended for every home purchase. The purpose of an inspection is to identify the condition of the home and allow the buyer to make informed decisions. Even with newly constructed homes and with condominiums, it is possible that something could have been overlooked or poorly designed. An engineer's inspection will typically take 2-4 hours. If at all possible, you should plan to be there with the engineer during the inspection. This is an opportunity for you to learn a lot about your new home, ask questions of the engineer, and receive suggestions. Subsequent to the inspection, the engineer will provide you with a detailed written report covering his/her findings. Most mortgage lenders require a termite inspection and stipulate that it's to be done by a licensed termite inspector. Your engineer may or may not be licensed to do termite inspections; if not, you will need to hire a termite inspector. Other optional inspections you may wish to perform include a fuel oil tank test (for oil tanks buried in the ground), a radon test, a septic dye test (if applicable), a water portability test and water recovery test (for private wells), asbestos testing, and lead paint tests.
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  From Contract to Closing
Once inspections are completed and deemed satisfactory, the seller's attorney will draft a contract of sale and deliver it, along with the seller's title insurance policy and copy of any existing survey, to your (the purchaser's) attorney. You should review and discuss the contract with your attorney. If any changes are requested, the seller must agree to these changes.

Signed contracts are then returned to the seller's attorney with a 10% contract deposit, also called a "down payment" (this down payment amount can be negotiable but is typically 10%). The contract deposit check is made payable to the seller's attorney who holds it in an escrow account until the closing. Once the contract is signed by the seller, your attorney will receive two fully executed copies of the contract, one of which will be given to you for submission with your mortgage loan application.

Your completed mortgage loan application with all supporting documentation should be submitted to your chosen lender promptly upon receipt of the fully signed contracts. Your attorney will also provide you with an estimate of closing costs at this time.

Prior to closing, your attorney will arrange for a title search of the property. The title company will issue a title report certifying clear title, and a title insurance policy to protect the lender (required) and the buyer (optional) in the event a title problem arises in the future. The title company will also perform a property tax search and a violations search (required by the lender), and a survey inspection. If the existing survey is unacceptable, or if no survey exists, it is typically the buyer's responsibility to pay for a new survey.

  From contracts to the closing table
Once all conditions of the contract have been satisfied, the closing date is scheduled. This involves getting together all parties including the seller, the seller's attorney, the buyer, the buyer's attorney, the lender's attorney, the title company representative, and usually one or both real estate agents. Once the closing is scheduled;

  1. calls should be made to confirm with your movers,
  2. to contact utility companies to transfer service accounts,
  3. to arrange for a homeowners insurance policy (proof of an insurance policy and paid receipt for one year's premium paid in advance must be brought to the closing),
  4. and to transfer any funds (closing costs) necessary for closing.

Your attorney will advise you in advance as to the amount(s) of any certified checks required at closing. You will also be required to bring a supply of blank personal checks for assorted closing costs, as well as two forms of identification, one of which must be a photo I.D. Closing can take just a few minutes if you're paying cash, or much longer depending upon the number of real estate papers to be explained and signed.  

  Inspecting the property for the final walk-thru
A final "walk-through" of the property is performed just prior to closing, usually within a few hours or not sooner than the previous day. This is scheduled with your real estate agent, or the seller's agent.

The purpose of the walk-through is threefold:

  1. to confirm that no damage has been done to the home since the time of the engineering inspection;
  2. to confirm that the major systems and appliances are in working order; and
  3. to confirm that the home is "vacant and broom clean", as stipulated in every sales contract.

Questions
For additional information or clarification of any information provided herein, please consult one of the professionals identified in the disclaimer.
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* Disclaimer Please keep in mind that this is not intended to be a comprehensive discussion of the home purchase process. It is intended to give the reader a general overview of the process, and to allow a prospective purchaser to plan ahead. Information contained herein should not take the place of the expert advice of professional advisors such as an attorney, a real estate agent, an engineer, a mortgage counselor, an accountant, and an insurance agent, all of whom you may have to consult with and rely upon in connection with your home purchase.

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