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You have a fully executed contract and now it’s time to make sure everything goes smoothly
An executed agreement is a legal contract between a potential purchaser and the property’s
seller. Some important tips to keep in mind to guide you through the process:
Earnest money is a good faith sum of money given to bind a contract. Your contract outlines
how much earnest money you put forward to demonstrate your eagerness to purchase said property
and who is to hold the earnest money in their trust account. Your contract will also outline
how earnest money is to be handled if one party is to default on the contract. Remember that
earnest money is to be taken very seriously and shows your true commitment and willingness to
purchase the property.
Either a title company or an attorney will be selected as a closing agent. The closing
agent represents the lender if you are financing your home and will research the complete
recorded history of the property to ensure the title is free and clear of all encumbrances
by the date of closing and all new encumbrances are properly added to the title.
Once your offer is accepted by the seller you will need to have a licensed home inspector
examine the property within the timeframe that was agreed upon in your executed contract
to purchase. The timeline to address items noted in your home inspection is also outlined
in your purchase agreement. Since Alabama is a “caveat emptor” (buyer beware) state it is
highly recommended you have a home inspection done prior to closing on your property. You
may also elect to have different inspectors inspect the property such as those who specialize
in specific areas (i.e. roof, HVAC, structure…).
It is imperative you keep in close communication with your lender, who will let you know
when additional documents are needed to keep your loan process moving along. If the
contract is conditional upon financing then your property will be appraised by a licensed
appraiser to determine the value for the lending institution, via a third party. An
appraisal is an important part of the home buying process because it assures the lender
that the property has adequate collateral to make the loan.
Your Weichert® Realtor is an important asset in this step of the process because they
can help you navigate through the legal jargon, to ensure the contract closes in a timely manner
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472 N Dean Rd #200
Auburn, AL 36830 USA