Step
5: Tie The Home Up
Stake
Your Claim
So,
you found a home you would like to buy, you
know the price and terms of the purchase. Now
is the time to stake your claim, before somebody
else does. You accomplish that by putting an
Earnest Money Deposit on a house to take it
off the market. Until this is done, the house
is available to anybody, no matter what prior
verbal or e-mail communications we may have
had before.
Important,
Please Note: E-mail or verbal communications
DO NOT constitute binding agreements, or commitments
on your part or ours.
When
you bring your Earnest Money Deposit to our
office, you will receive a copy of the Earnest
Money Deposit Agreement with the summary of
all financial terms and conditions of your purchase,
such as (if applicable): purchase price, cash
downpayment, interest rate, monthly payments,
escrow payments, the beginning and ending dates
of the agreements, credits from rent towards
purchase and any other terms specific to your
transaction.
Complete
the Due-Dilligence
The
Earnest Money Deposit agreement shall allow
you 7 days to complete necessary due-dilligence
on the home you are buying, such as, Home Inspection,
to make a final determination of whether or
not you will go ahead with the purchase.
Acceptance
If
your inspections have not shown anything of
concern, and you accept the condition of the
home, then we'll be preparing for Closing.
Objections
If
the inspections did uncover some problems, you
have the following choices:
1.
Terminate Contract
You
can terminate the Earnest Money Agreement and
receive a prompt and courteous refund of your
Earnest Money.
Please
note, to guarantee the refund of your money
you MUST deliver us a written statement of your
intention to terminate within 7 days defined
by the Earnest Money Agreement as your due-dilligence
period.
2.
Request Repairs
You
may request us to complete certain repairs for
you to accept the house and proceed with the
purchase.
Please
note, we are under no obligation to satisfy
your request. However, it's our policy to try
and satisfy our customers.
-
If we agree to complete such repairs, or other
services, our Earnest Money Agreement will be
amended with the description of repairs, and
services and will become binding.
-
If we can't agree on repairs we'll terminate
our Agreement and your Earnest Money will be
refunded.
To
learn about your next action please review Step
#6:
Inspect
The Home
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