1.  When you MAKE AN OFFER on a home, 4 things can happen:
  a.  Seller can accept your offer.
  b.  Seller can reject your offer.
  c.  Seller can ignore, letting it "die a natural death", letting response time expire (not typical).
  d.  Seller can counter your offer.
A counter offer will list only the items you want to be changed from the original purchase agreement or previous counter. Typically no more than 24 hours is given for response; however, in a volatile market less time may be given.

2.  There will be an Indiana State Seller's Disclosure to review BEFORE writing the offer and then acknowledge, sign and submit along with your offer. If the home was built before 1978 there will also be a Lead Paint Disclosure. The Indiana State Seller's Disclosure will be signed again (recertified) at closing acknowledging that the property is still in the same condition as when listed.

3.  Earnest money is submitted with the accepted purchase agreement, usually in the form of a personal check (or may be wired directly to listing office escrow account) and is made out to the Listing Broker who will hold in their escrow account until closing when it is applied against down payment and/or closing costs. Typically, earnest money amount is 1% of the purchase price. Bring your checkbook on your home finding trip!

4.  Possession is sometimes given at closing. Any possession past the closing date may or may not incur a per diem charged to the sellers. This is negotiable.

5.  Property taxes in Indiana are paid in arrears. Purchase agreements typically state that property taxes will be pro-rated to the day of closing, therefore, seller will be providing a credit to the buyer of +/- 1 year of taxes at the closing table. This can be a significant credit to the buyer at closing.

6.  Buyers may do a final walk through of home prior to closing to reaffirm condition or completion of inspection repairs.

7.  Closing take place at a Title Company and are insured, where attorney(s) and title representative(s) have reviewed that the property has clear title, etc. Attorneys are rarely present at closing. Closing time will be scheduled to accommodate buyer and seller. Their Broker representation and a Title Company representative will sit at the same table to witness the final signing of documents. Some lenders will attend the closings. The closing transaction takes about one hour. All parties on the mortgage need to be in attendance. If a party cannot attend, the lender will need to approve this absence by means of  a Power of Attorney prior to the closing date. MAKE SURE TO BRING A VALID PHOTO ID!

8.  Funds for closing. If the amount you are to bring to closing is UNDER $10,000.00, it may be in the form of a wire transfer to the Title Company, a cashier's check or a certified check. If the amount is OVER $10,000, it MUST be in the form of a wire transfer to the Title Company.

9.  There are property tax exemptions available for the home. Most Title Companies will file the Homestead Exemption on your behalf. If you have a mortgage on the property, you may be responsible for filing the Mortgage Exemption after the deed has been recorded. (Bloomington has Title Companies that will file on your behalf). You will be given a list of other rarely qualifying exemptions that are available. Indiana law caps residential property taxes at 1% of property value; however, without exemptions, that amount would be nearly 2%. FILE FOR ALL ELIGIBLE EXEMPTIONS.

10.  Purchase agreement, counter offers and inspection responses have deadlines that must be met in order to attain a valid contract. Amendments need to be created and signed by buyer and seller to extend any deadlines. Be aware that some corporate and/or bank owned properties will operate on business days, not calendar days.

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