As this video explains, a signed sales contract doesn’t mean your house is sold. There are still financial, contractual and legal steps for both sides. The buyer has to get financing to meet the contract terms - which includes credit checks. The property is inspected and appraised; title insurance and escrow accounts are set up…
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Recent Posts by admin
What Does The Closing Meeting Involve For The Seller?
Watch this video to get a quick idea of the seller's side of closing. Also known as “settlement” and “escrow” the closing is a meeting where property, money, title and liens are exchanged between all the parties involved. The closing agent typically conducts the meeting. They’ll review the sales agreement to determine payments and credits…
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What Is Ability To Repay?
In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrowers capacity to pay back their loan over time.
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What Is An Inspection Clause?
Remember these pointers from the video: you may want to include an inspection clause in the offer when negotiating for a home. An inspection clause gives you an “out" on buying the house if serious problems are found or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause…
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