Offer Contract Law

Great Essays
Counteroffers and Acceptance of the Offer:

The seller will review your initial offer and either accept it or make a counteroffer suggesting a different price or terms. You can then decide whether to accept the counteroffer or continue negotiations with another offer. When an offer is made that both parties find satisfactory, the offer will be accepted and you will move forward towards closing. Contracts often become legally binding once an offer is accepted but, real estate contract law does vary somewhat by location so it may be wise to research the basic legalities of this process. The due diligence period may begin once the offer is accepted.

Get a Home Inspection:

Either before or during the due diligence period, make sure to get a home
…show more content…
There are many documents to review and finalize relating to your loan and the transfer of the property. Some forms you may see include the promissory note, deed of trust, HUD-1 settlement form, and warranty deed, among others. Make sure to carefully read each of these documents and check for errors. It is much better to delay closing to fix a mistake than to have to worry about it later. Leave plenty of time in your schedule to handle this process and do not rush. This is a big investment and you will be glad you gave it your full attention.

Closings are handled somewhat differently depending on where you live. Most likely, your contract will specify who handles the closing, usually the escrow officer, an attorney, or other third party. You may see the seller at closing or you may not. Be sure to ask your realtor or attorney if they can be present at the closing to help you understand everything.

Things to Bring With You

In order to make sure the closing process goes smoothly and without delay, bring all required documentation with you. Most likely, the closing officer or your realtor will give you specific instructions about what to bring but you should at least anticipate the
…show more content…
The lender will review and, hopefully, approve the documents, usually within a few days. At this time, your loan will be funded and the escrow officer will record the necessary documents with the register of deeds and close out the escrow. Escrow is closed out when all funds are disbursed to the rightful parties and all documents are finalized as required. Only when this process is totally complete is the sale truly finalized. Usually, you will receive the keys to the house and take physical possession after closing is

Related Documents

  • Improved Essays

    Moving Out Of State Essay

    • 1150 Words
    • 5 Pages

    Before you get started, there are a few issues you will need to firm up in order for you to be able to proceed and plan properly for your move. For example, what state will you be moving to? What if your house sells before you have found or closed on a new one?…

    • 1150 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Home Foreclosure Essay

    • 414 Words
    • 2 Pages

    The first step is called pre-foreclosure, which is where the bank notifies the homeowner that he or she is two months behind on their mortgage payments. From this point, the homeowner has two or three months to sell their house on a short sale, or to refinance their loan. The second step is the auction, where the bank schedules an auction…

    • 414 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Real Estate Attorney

    • 614 Words
    • 3 Pages

    These documents include; bills of sale (for personal property such as furniture), deeds, legal descriptions, mortgage loan documentation, the title and the title insurance policy. It is very important that you have a real estate attorney representing your interests at the closing of the sale. These are all things that can be very complicated and you need someone to assist you at every step of the way, so that you can understand everything and also ensure that your rights and interests are protected…

    • 614 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Fannie Mae Case

    • 659 Words
    • 3 Pages

    When the borrower gets his mortgage from a bank or other lending institution in order to finance his or her house purchase, this transaction is considered to belong to the Primary Market. At this point, the lender has a choice of either servicing the loan for the time equivalent to that loan duration (5, 10, 15, 20, 30 years or any other such term) or sell it to someone else. Some lenders decide that they want a steady and secured income coming from systematic, monthly payments from the borrower. They collect their income in the form of interest earned on the loan. The higher the loan and the longer the term of the loan, the higher the interest going to the lenders' pockets is.…

    • 659 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    What do Jimmy Hoffa, McDonald’s special sauce, and selling a home have in common? Secrets, and plenty of them. Though the first two examples may retain their mystery for the foreseeable future, the real estate experts at Coldwell Banker Yost Real Estate in Bluefield, WV are more than happy to share their tried and true home-selling recipe. Read on to get the inside scoop. Real Estate: Selling Secrets…

    • 356 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Home Buying Process

    • 1085 Words
    • 5 Pages

    The home buying process can be stressful and at times rather intimidating to say the least. It's likely you don't go around buying houses everyday; therefore, the process is probably not something you are extremely familiar with. And even if you've purchased a house before, it's probably been a while. That means if you want to get through the entire home buying process as stress-free as possible, then you are going to need to take some time to properly prepare yourself before you begin. How Should I Start the Home Buying Process?…

    • 1085 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Buying Your First Home

    • 673 Words
    • 3 Pages

    Buying Your First Home? 7 Questions to Ask Yourself Buying your first home is a big undertaking. You have to find a house. You have to get a mortgage. You have to go through the closing process.…

    • 673 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Home Inspections In Texas

    • 1054 Words
    • 5 Pages

    All of this will need to occur DURING your option period. Should it exceed the time frame of your option period, and you have not extended the option period, you are stuck with purchasing the home, no matter what additional problems may be revealed in the condition of the home. Should I attend the inspection? If you are the Buyer, I recommend you have the inspector call you before his inspection is concluded.…

    • 1054 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Junk Fees Research Paper

    • 613 Words
    • 3 Pages

    You may only buy a house once in your life, so there is no reason for you to learn all of the vocabulary and lingo that goes along with it. Meanwhile, your mortgage broker and real estate agent want you to find a house, get a loan and finish the sale as fast as possible. They want you to quickly sign on the bottom line so that they can move on to the next customer. If you actually read through your closing costs, you may be able to negotiate a better deal. At the very least, you will find out what extra costs you will be expected to pay.…

    • 613 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Acacia Ridge Case Study

    • 531 Words
    • 3 Pages

    Buying property in Acacia Ridge? Selectabroker is available 7 days a week until 9PM at 1300 510 045 to help you pick the best mortgage for your purchase. Selecting the Right Mortgage Specialists in Acacia Ridge Purchasing real estate isn’t just a life-changing decision – it’s also a complicated process, what with all the budget concerns, taxes, auctions, and mortgage options to think about. Fortunately, Select a Broker can help make things easier for you. If you don’t mind filling out the form you can see on this page or dial our toll-free number 1300 510 045, we can discuss your needs and requirements for your property purchase and we’ll exhaust all means to find you the most suitable loan and broker for your peace of mind and convenience.…

    • 531 Words
    • 3 Pages
    Improved Essays
  • Superior Essays

    Real Estate Agent Essay

    • 1155 Words
    • 5 Pages

    How Do Real Estate Agents Get Paid in California (Bay Area) You might wonder how does a real estate agent get paid… …when they help buyers and sellers in buying or selling houses. They are not paid hourly for their job or any salary (some brokerage may hire agents on salary basis) Real estate agents in Fremont or anywhere in Bay area, California, most of them are paid in commission for their services. When buying a home, 87% of the buyers use real estate agents, it may be for their first home or second home.…

    • 1155 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    Foreclosure is certainly a scar that these former homeowners will carry with them and will affect their future decisions. In many cases, confidence is lost in the wake of losing a property through foreclosure. With some encouragement and education these “boomerang buyers” will gather the tools they need to be more cautious in their future real estate purchases. These safer options include the rarely discussed “100% down” plan, the “rent-to-own” option, or at a minimum the “large down payment” advantage.…

    • 809 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Disclosure Process Disclosure requires filling out a seller disclosure form for your home state and giving it to the buyer. The home owner can do the inspect themselves or hire a home inspector in case they're uncertain of possible home damage. Once the form is filled out, it must be signed by both the buyer and the seller for it to possess any legal…

    • 65 Words
    • 1 Pages
    Improved Essays
  • Improved Essays

    When home buyers come to our real estate office in Lake Havasu City, Arizona, many have never purchased property in Arizona. Real estate laws vary from state to state, and buyers often have no idea what to expect during the transaction. We also have buyers who have never purchased property. To help our clients feel more comfortable about the entire transaction, we like to explain, ahead of time, the process of a typical residential real estate contract in Arizona. If you are the prospective homebuyer, first talk to a lender.…

    • 1849 Words
    • 8 Pages
    Improved Essays
  • Improved Essays

    The American Dream of home ownership was no doubt sucker punched during the Great Recession and became what many wished was a nightmare they could wake from. Deep emotional scars pierced many of all ages who had lost their homes during the housing crisis. As a result, visions were blurred as they wondered whether they would ever be able to own their own home again. People who were fortunate enough to maintain their mortgages saw their home values decline. Trust in our economy was compromised in the process.…

    • 828 Words
    • 4 Pages
    Improved Essays

Related Topics