When? At mutual acceptance.
How much? Typically 1-3% of the purchase price paid via personal check.
You should know... Escrow will cash the check and hold the funds.
When? Typically within 5 days of mutual acceptance.
How much? $400-$500
You should know... Payment in not refundable - even if the home is not purchased.
What? Inspection conducted if the home is connected to city sewer system.
When? Typically on the same day as the home inspection.
How much? $200 - $250
When? Ordered after inspection - usually paid as part of closing costs.
How much? $500 - $1000
When? A few days before closing, typically when you sign your loan docs.
How much? Depends on your loan; paid via cashier check or wired to escrow.
When? A few days before closing.
How much? Typically $5k - $10k depending on the price of the home; paid via cashier check or wired to escrow.
Often confused with inspection. The appraisal is a report ordered by the lender to verify market value.
The final step in a property purchase where the title is transferred from the seller to the buyer. At closing the seller receives payment for the property.
A combination of loan fees, down payment, prepaid taxes and insurance as required by the lender.
A condition in the contract that must be fulfilled prior to closing.
Buyer deposits money with escrow at mutual acceptance to show “good faith.” The money is applied to the purchase price at closing, provided all the terms of the contract are met.
A neutral 3rd party following the instructions laid out in the contract. They collect and distribute all funds and handle recording deeds at closing.
Done to determine if the house is in the condition it was believed to be in at the time of purchase.
When buyer and seller have both agreed upon the terms of the contract and the contract is signed by all parties.
Putting together a written contract and presenting it to the seller.
Escrow sends the property deed to the county where it becomes a part of the official public record. This signifies that ownership has been transferred to the buyer.
A document prepared by escrow that lists all charges and credits to the buyer at closing.
If the home is on sewer (not septic) it is common to scope the sewer line to make sure it functions properly, usually completed at the same time as the home inspection.
Insurance protecting the owner or mortgagee of real estate from lawsuits arising from a defective title.
Imagine sitting down to enjoy the first freshly-brewed cup of coffee in your new home. What do you see when you look out the window? Do you picture a clear morning with Mount Rainier in the distance? A bustling street in Queen Anne? Or maybe you’re looking out on that big backyard you know the kids/grandkids/dog will love.
Whatever you see for your future, my job is to help you get there. Your new home will be the place you wake up in, the place you come home to as a sanctuary from the outside world, and a place to share with family and friends. As your agent, I am keenly aware the house is also an investment and financial commitment.
There are many logical things to consider when purchasing a home and I have the tools to make sure you accomplish your financial goals. Once that’s covered, I turn it back over to you to explore how you feel about each home we tour. Finding a perfect match often requires using your senses beyond the facts and finances. This home purchase will be a combination of logic and guided intuition to make sure you find your happy place. Let’s go... ~Jen