Successful settlement is the end goal of any real estate transaction. Finding your perfect home is the beginning to many years of wonderful memories but there are some additional subsequent details that must be managed to ensure that happens.
1.Notify your lender and lock your rate
Once you have negotiated a price and secured the right property for your family, quickly begin working with your lender so they can lock the best interest rate for you. Some rate locks are 30-days and others are 45-60 days. It’s important to know this upfront so that you are not in a position to have to pay additional money to keep your rate if settlement goes beyond your rate lock period.
2.Ensure that deposit is received by your REALTOR® and deposited once contract is ratified
With a real estate transaction, it is typical to provide a good faith/escrow/earnest money deposit at time of offer or once your contract is accepted and both buyer and seller have signed. This deposit will be held until time of closing and applied to your purchase price.
3.Watch deadlines for contingency completions
If you have inspection contingencies in your contract, it is important to make sure your inspections are all completed within the time periods allotted in the contract. This way, if there are repairs that need to be addressed, you have ample time to notify the sellers and get them repaired prior to closing. If you miss the deadline then you may not be able to ask for repairs. Continue reading 10 Steps to a Successful Settlement
