When Do You Pay Your Money?

At the time that we prepare on offer on a property, you will probably be required by the seller to include earnest money in the form of a personal check, cashiers check or cash.

When We Write The Offer

You will submit earnest money with the contract, anywhere from $500 and up. Your money will be kept in the Title Companies trust account until the time of closing. Your earnest money represents your sincerity in attempting to purchase a home and is totally refundable should the offer not be satisfied. For example, if financing is not approved by the contractual date and notice is given to the seller, the earnest money is to be returned. This earnest money applies in full toward the purchase price at closing if the offer is accepted and all conditions satisfied.

Loan Application

Loan application takes place any time before selecting a home, but no later than 5-7 days after the seller and buyer agree. Fees are paid to the lender for credit reports, and appraisals, approximately $300-$400, depending on lender. Your lender may allow these fees to be paid at the time of closing.

Home Inspections

A home inspection is based on square footage and ranges from $200 and up. You may also elect to have a radon test and/or mold inspection. Ask me to consult local inspectors for current prices.

Agent’s Fees

At closing the seller pays the agent’s fee for the buyer. It is included in the listing agreement set up with the listing agent and Seller. The only exception to this is when a certain fee is agreed upon, in writing in the Buyer Agency Agreement.

At Closing

Balance of your down payment plus closing costs due at the time of closing in the form of cashiers check. Closing costs will typically range from 2.5% to 3.5% of your loan amount.