The Buying Process
Offer Accepted!
Congratulations your offer has been accepted and the home buying process now begins. It is time to let your lender know so they can begin the necessary paperwork.
ATTORNEY REVIEW
Your attorney will review and negotiate the conditions for purchase. Any deposits are typically due at the start and/or end of Attorney Review.
HOME INSPECTION
Once Attorney Review ends, we are UNDER CONTRACT. Time to schedule the Home Inspection and submit any necessary repair requests.
APPRAISAL
As we approach the closing date, your lender will contact you regarding ordering an appraisal. Vital step before receiving your mortgage commitment.
CLOSING
Congratulations you have made it to Closing Day! Once your financing is in place and contingencies have been met – we arrive to the most exciting day of the process.
Important Dates
•1st Deposit Due: 1st Deposit Amount:
•2nd Deposit Due: 2nd Deposit Amount:
•Inspection Report and Requests due by:
•Mortgage Commitment Due:
•Anticipated Closing Date:
Frequently Asked Questions
Who pays commission when I purchase a home?
The seller pays the commission to the buyers and sellers brokerages. As a buyer, you will not pay for our services if we represent you in the purchase of your home.
Do I need an attorney to handle my transaction?
Yes, in Northern NJ it is highly recommended that you have an attorney represent you during your sale of purchase. Many attorneys working for the other “side” may choose to not move forward with a deal if the other party has elected to not work with an attorney. We work with many amazing attorneys who specialize in real estate transaction and will be happy to recommend you.
What is considered a good down payment?
There is no rule for this as many clients put anywhere from 3.5% - 20% down. “Good” is very subjective and may depend on the market/neighborhood the property is in.
When I find my perfect home, how long does it generally take from when I sign a contract to the actual closing?
From the time you sign a contract, the normal timeline until you close and can move into the house is about 45-60 days.
What type of inspections are needed to make sure that the house is in good condition?
We always recommend conducting thorough inspections of the home including but not limited to a general home inspection, termite inspection, sewer scope, level 2 chimney inspection and underground tank sweep.
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