Many reasons! This process will let you know how much home you can afford, and what price range to shop for. The lender will also go over what your monthly payments, closing costs, down payment, and cash needed to close will be. We will need to know this information for your home search so we can narrow it down. Once you complete a mortgage application, then we’ll know which type of house we can look for together that best fits your needs. You will also be able to put yourself in a financial position to purchase so that there are no surprises during the proccess. Visit our preferred lender’s website here.
The brochure explains agency and it’s required by law that we go over it together. The agreement explains our relationship, commits us to eachother, and protects us from liability. It also gives us a client relationship where I have fiduciary duties to you and must keep your best interests in mind above all else. This agreement can be cancelled at anytime by either party but it allows us to work together and is required in order to see homes together.
In North Carolina the buyer can choose to have a due diligence period where they do all of their inspections in due diligence to find out everything that they could possibly want to know about the property. The length of time and the amount are negotiable and should vary on a case by case basis. You will have to pay the seller for this time that they have taken their home off the market in order for you to conduct your due diligence. This money will be paid to the seller immediately after an offer is accepted and cashed. If you close on the property this money will be credited towards the purchase amount. If you walk away for any reason you do not get this money back. This is 1 of 2 checks that will be cashed once a contract is agreed upon.
This is your good faith deposit which helps to show how committed you are to the purchase. The check will go to the attorney once a contract is signed and they will hold it in their escrow account until it needs to be dispersed. It will be credited towards your purchase price at closing. If you walk away for any reason before the due diligence period ends or if the seller breaches the contract then you will get this money back. The only way you will lose your earnest money deposit is if you breach the contract and walk away after that due diligence period ends. Everything else beside the due diligence fee earnest money deposit can be paid at closing, including inspections, appraisal, and other closing costs.
You will need a valid ID, and I will meet you there at the attorneys office. You will sign paperwork and should be finished within 30 minutes.
You will get your keys to your new home when the deed is recorded which normally happens on the same day, unless we close after 1pm. Sometimes the seller will give you the keys early at closing, and sometimes they will want to wait until the deed records. In the later case the attorney will contact you when the keys are ready for pickup.