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A real estate agent provides professional guidance to clients who are both buying and selling real estate. They have a primary focus of ensuring that their clients are able to buy, or sell, for the best possible terms and price. They must be licensed to practice real estate and are held to an elite ethical standard of business practices. Real estate agents take a pledge to always put the wellbeing of their clients, over their own, devotedly. THE | AGENTS Real Estate Group sets itself apart from the competition by taking that concept, and continuously elevating it.
Many people make the mistake of thinking that real estate agents are an unnecessary expense when buying or selling real property - - but that assumption is highly inaccurate and wildly misleading. They are licensed professionals that assist in determining a client’s needs and wants for their particular home, and propose the best solution depending on individual financial abilities. Real estate agents accompany clients to property sites, discuss conditions of the sale, and draw up legally binding real estate contracts. In addition, they intently study the market so that they are able to preform a comparative market analysis, also known as a 'CMA', on a property, to advise clients on how much they are able to sell their home for. Retaining THE | AGENTS Real Estate Group to represent you in buying or selling real estate should always be your very first call! We are available around the clock to assist you with all of your real estate needs.
It is recommended that prior to securing financing, it is highly recommended for home buying that buyers begin saving for a down payment, analyze their credit scores (and work towards repairing them if necessary), and get their financial documents in order. At this point, buyers can seek pre-qualification,- as many real estate agents require this before they will begin to work with new clients.
A Purchase and Sale Agreement is a legally binding contract between a buyer and a seller. It outlines the agreed upon conditions of the real estate sale. It is the main legal document in the transaction. The 'PSA' irons out the mutually agreed upon elements of the deal, includes a number of important protections to all of the parties involved, and provides the legal framework to complete the sale. THE | AGENTS Real Estate Group will execute the contract and review it with you for accuracy prior to signatures. We will present the Purchase and Sale Agreement on your behalf to the seller if you are buying a property, or we will help you review and understand the proposed terms if you are selling a property. Either way, we have you covered from start to finish.
Earnest money is a monetary deposit that demonstrates a buyer’s interest in the purchase of a home. It is often referred to as a 'good faith' deposit. The earnest money will be kept securely in an escrow company's trust account until closing. It is generally due no later than 2-3 business days after the seller accepts your offer. It can later be applied to your closing costs, or your down payment amount. The earnest money is generally 1% of the purchase price of the property.
In most cases, your earnest money will be returned to you at the conclusion of the transaction. There are contingencies set forth in the Purchase and Sale Agreement to protect you from losing your earnest money in the event that the transaction does not close. For example, if the home does not appraise for the agreed upon sale price, or if concerns arise during an inspection, or if you lose your job and subsequently your financing, you have the contractual right to rescind your offer and receive your earnest money back. It is only when someone backs out of a contract for a reason that is not in the protective contingencies, such as 'getting cold feet', that they would then forfeit the earnest money to the seller.
Closing costs are fees paid at the time of closing. They are incurred by both the buyer, as well as the seller, for different fees. On average, closing costs range from 2% - 5% of the sale price of the home, but are unique to each individual transaction. Some of the fees covered in closing costs are: recording fees, attorney fees, title and escrow fees, lender fees, and so on. Closing costs are separate from your down payment costs.
The down payment funds and the closing costs each cover different aspects of the home buying process. A down payment is applied to the total cost of the home and reduces the amount of the home loan that is financed. Closing costs cover the fees that have accrued at the time of closing, such as: recording fees, attorney fees, title and escrow fees, lender fees and so on. Closing costs are separate from your down payment costs.
To hold title to real property, you must be vested as the legal owner. Title is proof that you own the property and that you are legally able to do with it as you see fit (for example: sell it).
Escrow is a contractual arrangement in which a third party is in charge of the receipt and distribution of funds for transacting parties.
A home inspection is a preventative measure to ensure that buyers are aware of potential defects in a home prior to the purchase.
The bank that you use to get a mortgage loan will assign an appraiser to appraise the property. It is all in an effort to ensure that what you are paying for the home, is in-fact supported by its actual value. They do not want to lend on a home that isn't worth the amount of money that they are giving you for the mortgage loan.
The process from start to finish once your offer is accepted is roughly 30-45 days.
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