A buyer’s best tool is to be ready

I ask all my customers to be ready to make an offer and understand that timing is key to success. 

Let me start by explaining the purchase process. Once we locate the property you wish to purchase, you will be asked to place an offer for the property in writing. I will help you with this process and guide you from beginning to end. 

Most offers will require a deposit to be placed in an Escrow Account. An escrow agent or closing agent will maintain all documents and funds related to the transaction until the day of closing. Normally a title agency or an attorney will be your closing agent. Be prepared to issue a check with a deposit for your transaction as proof of good faith to the seller. All deposits will be specific and with set dates in your contract. 

A letter of pre-approval no older than 30 days will be required with all offers that need lender financing. Your mortgage broker or financial institution will provide you with this letter once your credit scores and assets have been reviewed by the institution. Please note some companies will take 1 to 3 business days to provide you with a pre-approval letter.

In the instant you will be purchasing your property under a corporation, please consult a tax and corporation professional to understand all your responsibilities before and after closing.

Once your offer becomes a contract, time is of the essence. I will be working closely with your mortgage company if any, title company, inspectors, and closing agent to ensure a smooth and successful closing and will be in touch with you on a regular basis. You will need to sign and review documents like Seller Property Disclosure which are required within 3 days after signing a contract.  For your convenience you will have access to sign most documents electronically with access at the palm of your hand. 

Here are the important dates that will be critical concerning your purchase:

· Effective Date. The date the contract becomes binding, when the last party signed or initialed acceptance of the final offer. All other dates are determined by this date.

· Loan Application Date. This is the deadline for the buyer to begin the mortgage process by completing the initial application for finance if purchase requires a loan.

· Condominium Application Dateline.  This is the date buyer must apply for condo approval from the association if property is in a condominium.

· Deposit Date. The deadline for the buyer to submit the first and or second deposits as indicated by the contract. Must be received and submitted to the escrow account. 

· Inspection Period, Cancellation Date and Amount. Buyer will be informed on the dates for inspections to be completed and the associated date and amount for the cancelation of contract based on Inspection report. If there is a limit of associated buyer repair cost from inspection report, it must exceed the “amount” stated in order to cancel contract.

· Loan Commitment. The deadline for the loan commitment to be completed and presented by the buyer’s lender. 

· Closing Date. Date for the transaction to close, including delivery of deed and possession of property.