Enter the complicated world of real estates


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Home Purchase Sales Contract

As a home buyer, you will be signing manyupon what you agreed to in your purchase
documents. The purchase contract outlinescontract).
the basic terms and conditions of your
agreement to buy the property. It includesYou can expect to spend about 3-6% of the
the sale price, property description, depositpurchase price on closing costs. Below are
amount, mortgage financing, and anythe major items you pay pay at the close of
contingencies. Your Realtor will help walkescrow:
you  through  the  negotiation  process.
Major  closing  costs
After the initial offer, you may receive a
counter offer. It will change some of the-  Loan  underwriting  fees
price and/or terms of your original offer.
Below are checklists of the major items-  Credit  report  fees
included  in  the  contract.
-  Appraisal  fee
Major  items  in  sales  contract
- Inspection fees (building inspection, other
-  Sale  priceinspections)
-  Property  address  and  APN  (tax  #)-  Insurance  premiums
-  Amount  of  initial  deposit-  Pro-rated  interest  on  loan
-  Terms  of  mortgage  financing-  Pro-rated  county  property  taxes
-  Closing  date-  Escrow  reserves  (refundable  pad)
-  Contigencies  and  conditions-  Notary  &  Legal  services
-  Transfer  and  recording  of  deed-  Escrow  services
-  List  of  fixtures  remaining  in  home- Recording services and Title-related
services
-  Repairs  required  of  the  seller, if any
- Real estate agent commissions (usually paid
-  Real  estate  agent  representationby  the  seller)
-  Details  of  escrow  transactionRemember to have a great attorney to help you
review your contract before signing. And
Included in your contract are items you willhave your attorney review your loan documents
have to pay for. Some items you will pay inand help explain them to you before signing.
cash (as a money order or cashier's checkIf you can't afford attorney fees, consider
from your bank), some items may be paidenrolling in a pre-paid legal plan membership
through your mortgage loan, and some itemsfor a low cost lawyer service.
the seller may pay on your behalf (depending



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