All About Annapolis
  • Home
  • About Me
  • Real Estate
    • Lending
    • My Listings
    • Neighborhoods
    • Settlement >
      • Documents needed to close
      • Title Insurance
    • Home Buying
    • Home Selling
  • Explore Annapolis
    • Places to visit >
      • Architecture
      • Alex Haley Memorial
      • Banneker-Douglas Museum
      • Eastport Walking Tour
      • Hammond Harwood House >
        • Pumpkin Walk
      • Lighthouses
      • Paca House & Garden
      • Maryland Inn
      • Naval Academy
      • Parks >
        • Dog Parks
        • Leon Wolfe Park
        • Quiet Waters Park
        • State Parks
      • Severnside Farm Tour
      • St Anne's Church
      • Tiffany Stained Glass
      • State capital building
      • Wall Murals >
        • Design District Murals
        • Historic, Murry Hill & Eastport
        • Others Out & About
    • Events >
      • Annapolis Cup Croquet Match
      • Art Walk
      • Boatyard Beach Bash
      • Bourbon Bowties Cigars
      • C.R.A.B Cup
      • Crab Feast
      • Puppy Plunge
      • US Powerboat Show
      • US Sailboat Show
      • Waterfowl Festival
    • Runs
    • Holidays >
      • Memorial Day
      • Labor Day
      • Halloween
      • Christmas
    • Festivals >
      • Anne Arundel County Fair
      • Art in the Park
      • Beer & Wine Festivals
      • First Sunday Arts
      • Irish Festival
      • Homestead Gardens Fall Festival
      • Kegs and Corks
      • Maryland Seafood Festival
      • Renaissance Festival
      • West Annapolis Oktoberfest
    • Markets >
      • AA County Farmers Market
      • AA Medical Center Farmers Market
      • Annapolis Farmers Market
      • Diehl's Produce
      • DNR Farmers Market
      • PA Dutch Farmers Market
      • 2017 Farmers Market Guide
    • Concerts & Shows >
      • All Saints Concert
      • Annapolis Summer Garden Theatre
      • Annapolis Town Center Concerts
      • Fast as Lightning
      • FOQWP Summer Concert Series
      • Middletons
      • Rams Head On Stage
    • Tours >
      • Ghost Walk Tour
      • Red Trolley Tour
      • Circulator
    • Places to stay
  • Gardening
    • Composting
    • Fruits and Veggies >
      • Apples
    • Gardening Clubs
    • Native Plants
    • Insects >
      • Friends or foe
    • Trees
    • Where to buy plants
    • Butterfly Garden >
      • Butterflies in Maryland
      • Location
      • Plants for Butterflies
      • Butterfly Life Cycle
      • Monarch Butterfly
    • Spring >
      • Seed Starting
    • Summer
    • Fall >
      • Preparing your yard for winter
      • What to Plant in the Fall?
    • Winter
  • Resources
    • Important Numbers
    • Maryland History & Resources
    • Schools >
      • Annapolis Public Schools
      • Private Schools
  • Blog
  • Home
  • About Me
  • Real Estate
    • Lending
    • My Listings
    • Neighborhoods
    • Settlement >
      • Documents needed to close
      • Title Insurance
    • Home Buying
    • Home Selling
  • Explore Annapolis
    • Places to visit >
      • Architecture
      • Alex Haley Memorial
      • Banneker-Douglas Museum
      • Eastport Walking Tour
      • Hammond Harwood House >
        • Pumpkin Walk
      • Lighthouses
      • Paca House & Garden
      • Maryland Inn
      • Naval Academy
      • Parks >
        • Dog Parks
        • Leon Wolfe Park
        • Quiet Waters Park
        • State Parks
      • Severnside Farm Tour
      • St Anne's Church
      • Tiffany Stained Glass
      • State capital building
      • Wall Murals >
        • Design District Murals
        • Historic, Murry Hill & Eastport
        • Others Out & About
    • Events >
      • Annapolis Cup Croquet Match
      • Art Walk
      • Boatyard Beach Bash
      • Bourbon Bowties Cigars
      • C.R.A.B Cup
      • Crab Feast
      • Puppy Plunge
      • US Powerboat Show
      • US Sailboat Show
      • Waterfowl Festival
    • Runs
    • Holidays >
      • Memorial Day
      • Labor Day
      • Halloween
      • Christmas
    • Festivals >
      • Anne Arundel County Fair
      • Art in the Park
      • Beer & Wine Festivals
      • First Sunday Arts
      • Irish Festival
      • Homestead Gardens Fall Festival
      • Kegs and Corks
      • Maryland Seafood Festival
      • Renaissance Festival
      • West Annapolis Oktoberfest
    • Markets >
      • AA County Farmers Market
      • AA Medical Center Farmers Market
      • Annapolis Farmers Market
      • Diehl's Produce
      • DNR Farmers Market
      • PA Dutch Farmers Market
      • 2017 Farmers Market Guide
    • Concerts & Shows >
      • All Saints Concert
      • Annapolis Summer Garden Theatre
      • Annapolis Town Center Concerts
      • Fast as Lightning
      • FOQWP Summer Concert Series
      • Middletons
      • Rams Head On Stage
    • Tours >
      • Ghost Walk Tour
      • Red Trolley Tour
      • Circulator
    • Places to stay
  • Gardening
    • Composting
    • Fruits and Veggies >
      • Apples
    • Gardening Clubs
    • Native Plants
    • Insects >
      • Friends or foe
    • Trees
    • Where to buy plants
    • Butterfly Garden >
      • Butterflies in Maryland
      • Location
      • Plants for Butterflies
      • Butterfly Life Cycle
      • Monarch Butterfly
    • Spring >
      • Seed Starting
    • Summer
    • Fall >
      • Preparing your yard for winter
      • What to Plant in the Fall?
    • Winter
  • Resources
    • Important Numbers
    • Maryland History & Resources
    • Schools >
      • Annapolis Public Schools
      • Private Schools
  • Blog
All About Annapolis

​

Buyer process Step 4
​

​
You've found it - your dream house!  You want to buy it, your lender has pre approved you, now what?

An offer is made by submitting a signed real estate offer to purchase the property, along with proof of the type of financing you're planning on using to buy the property.  Before you sign the offer, read the contract carefully and make sure you read every detail so that you understand what you're agreeing to.  Ask as many questions as you like of your realtor! 

The contract will spell out the following things:
Deposit- how much you plan on putting down.  A common "earnest money" deposit is 1-2% of the purchase price.
Contingency on financing- this  will spell out the total loan amount and the exact financing terms.  
Contingency on inspection- you may make the contract contingent on a building inspection report.  You will usually have to pay for this inspection, but the peace of mind or detection of a problem is well worth the cost of the inspection.
Termites- The contract may require a termite inspection.  The results of the inspection may require payment for the removal of an infestation and repair of any damages from it.  You should receive a written report at settlement indicating the property is free and clear of any active termite infestation.
Personal Property- This includes things like light fixtures, drapery rods, chandeliers, washers, dryers, refrigerators, heating oil in the tank, firewood, even swimming pool chemicals.  It will include any other item that is not physically attached that should be specified in writing that they are being conveyed to the buyer.  Misunderstandings based on verbal agreements can delay settlements as well as cause friction.
Repair Work- Standard contracts of sale require sellers to be responsible for plumbing, heating, mechanical and electrical systems rot be in working order at the time of settlement.  You should conduct a pre-settlement walk through several days before to verify that these items have been done.
Title Attorney or Insurance Company- the buyer has the right to select a title attorney or insurance company .  You should hop and compare prices before deciding what company will conduct your settlement.  
Closing and Occupancy Date- the contract will have a closing and occupany date, and will include and arrangement with the seller in the event you can't secure possession on the agreed date.  This could be accomplished with a daily rent-back agreement for post-settlement occupancy.
Picture
Once you submit your contract to the sellers, there are 3 possible responses. They decline your offer.   They can decline your offer, but counter with a different amount and terms.   Or they can accept your offer.   This negotiation can go back and forth until both of you either accept, or decline the offer.    Once an offer is accepted by both parties, your contract is "ratified" and you can start getting ready to go to closing!  Home ownership is right around the corner!

Picture
Picture
Proudly powered by Weebly
Picture