HOME BUYERS
CONTACT
Please feel free to use the contact list below. Be sure to include any details that might help me better understand your request.
Leonard D. DeCarmine
RE/Max Centre Realty
TERMS, INSPECTIONS, APPRAISAL, TITLE
AFTER THE OFFER IS ACCEPTED
Once your offer is accepted your real estate agent needs to assist you in completing the terms and agreements outlined and agreed upon by you the buyer and the seller.
Terms.
Your sales agreement is a time of the essence contract and certain items need to be completed with in particular time frames of the agreement. Items such as mortgage commitment, home inspections and any other types of contingencies need to be accomplished before closing. If they are not then you are at jeopardy of loosing your earnest deposit. For example, the mortgage contingency outlines the time frame for you and your lender to obtain mortgage commitment to purchasing the home. This is very important step and it’s your responsibility to gather and provided the lender with all the necessary documents to determine your eligibility. Keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan.
Inspections.
It is always recommend that need have a professional inspector evaluate your home. Your home inspector will check for radon, roof, chimney/fireplace, well, septic, pool/spa, and mold issues to name a few. Your inspector may recommend obtaining additional inspections from specialist such as a pest or a chimney inspector for further evaluation of issues.
Appraisal.
The lender will often send an appraiser out to the property to determine if the sale price reflects the value of the property. Appraisers are specialists in determining the value of properties, based on a comparison properties within the area using square footage, age, condition, lot size and location to determine the fair market value of your home. If your home appraises for asking price or above you are one step ahead. But sometimes homes appraise for less then asking price, you and your real estate agent will have to determine the next step and may have to renegotiate your offer. Many time lenders will not give a loan for a home less then its value.
Title Company.
You or your real estate agent will need to select a title company, which acts as a neutral third party holding all instruments. The title company handles all the necessary final documents to the sale, including funds, mortgage documents and deed. The title company will research the complete recorded history of the property, to insure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are properly added to the title. Some properties are subject to restrictions and covenants, which limit various activities from building to parking restrictions. There may be recorded easements and encroachments, where others have limited rights to use your property.
Holding Title.
You may wish to consult with an attorney or tax adviser on the best way to hold title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon death of the titleholder. In the state of Pennsylvania you can hold title in four ways: Tenancy in the Entirety, Joints Tenancy, Tenancy in Common and Tenancy in Severalty.
The most common way to hold title is Tenancy in the Entirety. This form of title is held between a husband and wife, which provide the right of survivorship and equal shared rights in the property regardless of monetary contribution.
The second type is Joints Tenancy, which allows two or more people to have equal share in the rights in the property. The parties have the rights to survivorship, which allows the automatic acquiring of the other person interest after passing.
The third type is Tenancy in Common, which is when two or more people possess a property with out the right of survivorship.
The fourth type is Tenancy is Severalty is a sole form of ownership by a person or a corporation.
