It’s time to go to contract. First the seller’s lawyer draws up the contract. Then your lawyer reviews it, and makes any amendments in consultation with your buyer’s broker. The contract is the official document that clearly spells out the details regarding how the transfer of title will take place. It must be very comprehensive and cover everything both you and the seller have agreed to, including the purchase price, down payment and any concessions and contingencies. Before you sign it you should be very clear that you want to proceed. If things go wrong after contracts are signed, it can become costly to both the buyer and seller.
You sign the contract and place the down payment, which is usually ten percent of the purchase price, in an escrow account set up by the seller’s lawyer. Expect this process—from first draft to escrow payment—to take about three weeks. The seller then signs the contact.
Then on to closing!
Your buyer’s broker and attorney will guide you through all of this, and can answer any questions you may have.
This web resource will help you better understand what a buyer’s broker is—and how they can save you time and money.
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Note: The terms “buyer’s broker,” “buyer’s agent,” and “buyer representative” are used interchangeably on this site. All refer to a real estate professional who represents you—the buyer.
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