While house hunting can be very tedious and exhausting for first time home buyers (especially in this market!), most of the heavy lifting is done after both parties sign. Multiple clients have inquired about the process of events incurred after "signing the dotted line." Below is a high level diagram of the residential sales process, as depicted by the Champions School of Real Estate.
Key points worth noting
Option fee- this is nominal consideration given by the buyer to the seller in exchange for the option to purchase the property at a predetermined price for a period of time. During this time, the buyer is under no obligation to purchase, but the seller is obligated to sell. Buyers use this time to perform inspections on the property (and possibly negotiate a lower price based on necessary repairs). Should the buyer decide not to buy, the option money is nonrefundable. Fee amount and time period is negotiable.
Contract and earnest money are delivered to the title company, where the money is held in escrow. Earnest money is payment to show that the buyer is serious in his intent to purchase the property and can be a source for payment of liquidated damages to the seller should the buyer default. This money is refunded if the buyer terminates during the option period, and in certain other situations. There is no set requirement and this amount is negotiable.
Survey- seller must provide existing survey to the buyer or buyer must obtain a new survey within a negotiated number of days. Which party is responsible for the cost of the survey is also negotiable.
Seller's disclosure- excluding specific situations, the seller must deliver a copy of the seller's disclosure within a negotiated number of days. The disclosure states the factual condition of the property and any known defects or repairs.
Beautifully remodeled home located in Lake Highlands Estates, with access to Richardson ISD. New features include a modernized kitchen with double ovens, updated bathrooms, new carpet, laminate, tile flooring, and doors. Garage conversion is a wonderful 2nd living area. Backyard hosts established trees and shed for added storage. Rear entry two car carport, accessible by electric gate. Exterior cedar shutters and Austin stone on the front corners.
To friends and family looking to buy, sell, or lease, please feel free to contact me directly. If you are currently a homeowner and are interested in the value of your house, I would be happy to provide a comparative market analysis to determine your home value. Buying or selling a home is the most significant investment decision made by most individuals, and deserves professional and knowledgeable consideration.
