Purchasing a new home in Greensburg can be exciting. Many people go into the process knowing exactly what they want in a house but not fully comprehending what happens once they find that perfect match. At Schimmizi Law, LLC, we understand that homebuying can be intimidating, especially if it is your first time. Here are the basics you need to know about what will happen when you purchase your house.
After you have decided on a home and negotiated with the seller on a purchase price, you will need to sign a contract. The contract is legally binding and will set forth the terms of the purchase and sale. However, as Zillow points out, it should also contain some contingency language that will allow you to void the contract if certain conditions exist.
Most people need financing in order to afford a home, so you will need to work with a bank or other lender to work out the details of your loan. The bank will likely require an appraisal of the home to make sure that you are not paying more than it is worth. It is also wise to have the property inspected for any defects or major issues. If the inspection turns up something that you consider a big deal, you may be able to exercise your right to cancel the contract or you can negotiate with the seller on where the money to fix the items will come from.
Once all of the approvals, inspections and loan documents are in place, a closing will occur. This is when you will sign all of the final documentation for the purchase and your loan. Some of the people who may be present at the closing include attorneys for the buyer and seller, realtors and title officers. For more information on buying a home, please visit our web page.