Offer Accepted, Now What?
Once your offer is accepted by the seller it starts the next phase of the transaction. You will be asked for a down payment, typically 1% of the purchase price, on the home you are purchasing which will be held with an attorney or settlement company and applied to the final purchase of your property.
By the time this happens, you have come to an agreement with the seller on the closing date and the contingencies This period is usually 30 days and each item specified in the contract must be completed satisfactorily.
Each contract is different, but most include the following four items:
- Inspection contingency: this should be completed as soon as possible after the contract is signed. If the results of the inspection are unsatisfactory you can negotiate repairs or cancel the contract.
- Financing contingency: Once the contract is signed, you have a period of time to secure funding. If you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to cancel the purchase. This is why being pre-approved before shopping for a property is so important!
- A requirement that the seller must provide a marketable title. The title must be "clear" to ensure that you do not have legal issues regarding your ownership. We can help you look into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.
- Secure homeowner's insurance. This is almost always required before you can close the sale. It best to apply for insurance as soon as possible after the contract is signed.
If you have questions or are ready to begin the home buying process, just complete the form below, and a member of our team will be in touch shortly!
The Buyer agrees to hire an authorized agent from the Brokerage to assist them in acquiring a property. This is usually an exclusive agreement meaning the Buyer agrees not to enter into another buyer-broker agreement with another real estate agent or brokerage during the terms in the agreement.
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View ResourceThis comprehensive seller's guide by Jared B. Bryson, Utah's Home Guru, provides essential insights for homeowners looking to sell their homes in Spring 2024. Covering key topics from market trends to maximizing home equity and practical selling tips, it's an invaluable resource for navigating the Utah housing market with confidence and achieving a successful sale with Bryson Real Estate's expert guidance.
View ResourceBefore the offer to purchase is created, you must be at least pre-qualified or, better yet, pre-approved by a lender, unless you are paying cash.
View ResourceOnce your offer is accepted by the seller it starts the offer accepted period. You will be asked for a down payment, typically 1% of the purchase price, on the home you are purchasing which will be held with an attorney or settlement company and applied to the final purchase of your property.
View ResourceComplete the form below and we'll create you a custom property search. Anytime when we find properties that match your specific criteria we’ll send you an email.
View ResourceAre you thinking about buying? The video resources below cover many of the common questions that most people have during the home buying journey.
View ResourceYou've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home.
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