GUIDELINES FOR BUYERS
BELOW IS A STEP BY STEP OUTLINE TO HELP THIS PROCESS GO SMOOTHLY!!!!
Thank you for choosing the Donna Schulze Home Team at Keller Williams Realty
Please pay close attention to the negotiated dates on the accepted offer form. If at any time you find that you are unable to meet the dates, an extension will need to be prepared and signed in advance. All extensions must be in writing and signed by all parties in advance to protect your deposits.
Please contact your lending institution and start the application process. In order to support you with this process please provide me your Lender’s information. You most likely will need to pay an application fee and present a copy of the signed offer. Your credit report will be run by the lender. You may need to provide documentation such as two prior year tax returns, checking and savings accounts, source of purchasing funds, alimony and child support documentation and verification of employment(s). Do not give away originals! I will need to know as soon as you have the mortgage commitment letter. Please request that the Lender provide me a copy.
Next, call and arrange a home, pest, lead/radon and/or whatever other inspections you need within 7-10 days. If you are applying for an FHA or VA loan, additional information may be required, so consult your Lender in advance for whatever mandatory information is needed. You will be paying for any inspections that you order, except what is required by state or local law, such as septic certification, and potable well water & flow test for private wells and termite infestation. Each town is different!
Usually within two days after the home inspection, you will decide to move forward or negotiate the items of concern from the home inspection. After this is completed satisfactorily, your attorney (if you choose to be represented) will present you with new a document called a PURCHASE AND SALE AGREEMENT. The replaces the Offer to Purchase originally signed. Please review for mistakes, check the spelling of your name and make any required changes before signing. This document needs to be sent back to me as soon as possible, on or before the agreed upon date in the Offer to Purchase, along with a check for the additional down payment money. Deposit money is usually held by an escrow agent or attorney until closing.
After you receive your commitment letter from your lending institution, you will be assigned to a bank attorney or title/escrow company, (this may be the attorney you have been working with). The bank attorney will confirm a closing time and place a closing date usually 3-7 days in advance. Prior to closing the attorney will need a copy of a paid home insurance receipt or “binder”. Rely on a home insurance agent for advice in the matter. In most cases the bank will escrow 1/12 of your insurance premium for the following year into
It’s time to make arrangements for the transfer of electric, phone, cable TV, gas, oil and water (if applicable). Please call 10-14 days prior to closing to avoid any reconnection charges. If there is oil in a tank with fuel it will be prorated and you will be charged. Bring your checkbook just in case. If you would like the tank filled by the Seller prior to occupancy please let me know.
An ALTA/HUD or settlement statement is provided prior to closing so that you will know how much money will be needed to close. The settlement statement includes the bank/lender, legal fees, points, title search and insurance, lien certificate, tax escrow and other adjustments. Please discuss with the closing attorney if you have any questions. Usually you will bring a bank/cashiers check or certified funds, not cash, to closing.
All borrowers (buyers) must be present at the closing unless a Power of Attorney is prepared and approved in advance. This document should be prepared at least a week in advance of closing. “Closings” may take place at the Barnstable Registry of Deeds on 3195 Main Street, Route 6A in Barnstable Village 02630 or at an attorney’s office. The location is decided in advance. If you have time or location problems due to your work schedule, please let me know in advance so that I may request a specific time for you.
Celebration Time! You have just completed one of the most complicated and rewarding transactions in your lifetime. If you have any questions or concerns, please do not hesitate to give me a call. My wishes to you include many happy times, good health, peace and prosperity. Remember to watch at least one sunrise a year! If you know of anyone that may want the joy of homeownership, please share my name and phone number.
Keller Williams Realty Cape Cod & the Islands
Donna Schulze Home Team
Phone/Text (508) 280-8811