Home Buyer Handbook 2018

“PENDING” PROCESS
When a Seller accepts your contract to buy their home we say
that the home and offer is “Pending”. There are sequential
steps that must be completed before the purchase is complete,
which happens at the “Closing”. The steps include:
TITLE COMMITMENT
This is a search and examination of the public records for
matters affecting the title to the real estate being purchased. It
may include looking for unpaid taxes, easements, names of
people on title and outstanding liens and mortgages.
INSPECTION
This is where you as the Buyer get to hire a third-party, notrelated-to-the-transaction,
person to inspect the physical
conditions of the property you are buying. They will inspect the
roof, the attic, the crawlspace and all rooms of the structure.
It is strongly recommended that you attend the inspection or at
least the tail end, so that if you have any questions regarding
the property you will have the opportunity to ask the inspector.
The typical inspection takes approximately 1 to 2 hours and the
cost is your responsibility as the Buyer. Every inspector is
different and the time it takes depends on the square footage
and acreage of the property. At the conclusion of the
inspection, the inspector will give you a detailed report of items
found that may be of concern. These items can be addressed
with the Seller as an addendum to the purchase agreement.
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