Once you have chosen your dream home, your offer is presented,  through the real estate agent, to the seller. If your offer is accepted a sales binder /contract is then prepared. If your offer is not accepted the seller may or may not make a counteroffer. If one is made then  negotiations may continue until a sales price is agreed upon by both parties. ( In today's market many real estate agents suggest and occasionally some sellers may require  that buyers secure pre- approval or pre- qualification from a Mortgage Broker or Lending institution to verify your ability to purchase a home in a specific price range).

Once your offer has been accepted most sellers will allow the buyers a reasonable amount of time before contract  During this period of time most buyers request an engineer's inspection of the house. The engineer's inspection,  which can last for several hours, is an examination of the house from top to bottom including the exterior and interior. The purpose of the examination is to determine whether or not their are any problems. If the engineer is not a licensed termite inspector one should be hired to conduct a second inspection. If problems are discovered the buyer will request that the seller either correct the problems or reduce the price. Any evidence of termite infestation is to be corrected by the seller at no cost to the buyer.

Once the home has been inspected the attorney for the seller will draw up the contract,  mail it to the buyers attorney to be executed and returned to the seller for their signature.

The sales contract will normally include the following:

• Terms and conditions of the sale.
• The nature of the financing that will be used.
• Identification of any personal items that will be excluded.
• Lead Paint Disclosures
• Property Disclosure
• Buyers & Sellers name and addresses
• Attorneys names and addresses

Once the contract has been fully executed, the buyer will usually apply for a mortgage. The time period from signing the contract to obtaining a mortgage commitment can last from 30- 60 days.  As part of the mortgage application the lender will order both an appraisal of the property to establish fair market value and a survey. Upon the issue of a commitment the buyers attorney will order a Title search. The seller must be able to provide clear title to the property.

Closing on the property will be scheduled upon completion of the Title search. The closing is usually conducted at the Lending Institution. Closing costs can be substantial ( 6%-15%  of the size of your mortgage) and therefore the buyer should request a estimate from your attorney.  Closing costs include the following:

• Legal fees  
• Title Search  
• Title Insurance
• Recording fees
• Survey
• Homeowners Insurance
• Private Mortgage Insurance (downpayment of less the 20%)
• Prepaid Interest
• Escrow fees (3 months real estate taxes &, 3 months PMI premium
• Points (if applicable)
• Realty transfer tax 

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