Real Estate References

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Closing includes all the pertinent final steps involved in buying a property. The terms frequently used in such a process are:

• Offer to purchase. Once you like what you see, you need to move swiftly. Make an offer that is 8%-10% lower than the list price to provide elbow room for you to haggle. But never go beyond the price within your reach.
• Deposit is the goodwill money as a sign of the buyer’s covenant with the seller. It is normally 1% of the purchase price and is included in the offer to purchase.
• Contingencies are certain obligations detailed in a contract before the buyer is required to close the deal, the most common of these are: the buyer’s securing of financing and a walk through of the property. Home Inspection is done by a professional to determine the structural and mechanical condition of a property.
• Contract is a legal and binding obligation of a buyer to purchase the property. It details the transaction including the selling price, description of the property, date of closing and possession date.