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The Contract of Sale, or Purchase and Sale Agreement, is a legally binding document whereby the homeowner and buyer agree to terms under which the buyer will acquire the seller’s property.
Both buyers and sellers incur expenses during the transaction process. Buyers are typically responsible for costs associated with the down payment placed on their new home, any home inspections, a portion of the settlement fees, a title insurance policy benefiting the lender, and any loan costs. Sellers generally pay for a portion of the settlement fee as well as a standard title insurance policy. The responsibility of the annual expenses of property taxes and homeowner association fees is typically shared equally between buyers and sellers and prorated based on the closing date.
The closing date of a real estate transaction is the date in which proceeds from the sale are available to the seller and the transfer of the title has been recorded by the county. The lender is responsible for providing the buyer with a good faith estimate, which will provide a close approximation of the buyer’s financial requirement to close the transaction.
The date of occupancy is agreed to between the buyer and seller during the negotiation process. If the seller remains in possession after closing, there should be a rent back agreement in place prior to closing. It will be important to clarify the status with your insurance company that you are in possession of the property after closing.
To enhance the success of selling your home and reduce the chances its new buyer will encounter problems after the sale, it’s a prudent idea to invest in a home warranty. The Home Warranty will cover the cost of many repairs or replacement systems to your home. From water heaters to septic systems, to central air and heating, and it may cover repairs to a home while it’s on the market and for a specified time after the close of the sale.
To lessen the stress of selling a home, and for peace of mind that comes with a home warranty, it makes perfect sense to call your Gamero Group agent today for more details.