Making Sure Funds Are Available for Closing

Mike Cooke December 1, 2016 Buyer Insights

The cash required for closing needs to be in a readily accessible account. You’ll need to bring a cashier’s check to closing or have your money wired to the title company prior to closing. If you need to move money around or liquidate any assets to get all the cash in a readily accessible account, you need to do this far enough in advance so that any hold on the funds has been cleared.

Home Warranties

Mike Cooke December 1, 2016 Buyer Insights

The house you are buying might have a home warranty of some kind. If not, you can purchase a home warranty that may cover the unexpected failure of some of the components of the house.

Arrange Your Home Owner’s Insurance

You need to arrange for home owner’s insurance on the property you are buying before the Property Insurance Objection Deadline date in the contract. Make sure you are doing an “apples-to-apples” comparison between programs offered by different agents.

Miscellaneous Matters

Mike Cooke December 1, 2016 Buyer Insights

Read on for miscellaneous buyer issues regarding owner financing and assumptions, property surveys and referrals to other professionals.

Disclosures Made by Sellers

Mike Cooke December 1, 2016 Buyer Insights

Buyers and sellers are obligated to make accurate disclosures / representations when buying and selling real estate. For buyers, this primarily entails dealing fairly and honestly with the seller and not misrepresenting the buyers ability to obtain a loan. Things are a little more complicated for sellers.

Radon

Mike Cooke December 1, 2016 Buyer Insights

Radon is a cause of lung cancer and may be present in a home. You can test for it during a home inspection and it can be eliminated easily if present.

Lead-Based Paint Disclosures

Mike Cooke December 1, 2016 Buyer Insights

Federal law requires sellers to provide a lead-based paint disclosure to the buyer if the seller’s house was “permitted” prior to January 1, 1978.