CONVEYANCING

After a thorough search of available homes, possibly including opportunities for both new and existing homes, the selection of a home culminates in an accepted purchase agreement. In the period of time following the acceptance of the purchase agreement/CONFIRMED RESERVATION, and prior to closing, you must attend to several items.

Mortgage Loan (If not a cash purchase) - Foreign National Mortgages Available!
The application for any necessary mortgage loan is usually made within 5 days after the acceptance of the purchase agreement or confirmed reservation. The application can be made through any mortgage company or bank. We can provide names of mortgage companies which many buyers have used with success and satisfaction or you can let us do it for you for our nominal standard fee. Our fee is on a case by case basis.

Loan approval usually takes about 3 weeks. You are urged to stay in touch with our mortgage desk, your assigned in house purchase broker or your mortgage representative to be sure that all documents are being processed on time. Proof of income, identification and other documents may be required. Non Status mortgages are available.

Home Inspection
Home inspections are normally done within 7 days after the acceptance of the purchase agreement. We strongly urge inspections of existing homes. Some buyers of new homes have the homes inspected, while many do not.

However, you are certainly well within your rights to have a new home inspected. Inspections consist of a general structural inspection, a termite inspection, and a radon inspection. While each is optional, we urge all three.

Mortgage companies usually require a termite inspection for any home being purchased with less than 20% down. Practically everyone buying a home with a basement has a radon inspection. The three inspections together run about $250-$350 dollars. You are welcome to attend the inspections or you may assign us to attend in proxy. The choice is yours.

You receive an inspection report shortly after the inspection by Fax, post & email.

Within 15 days after the acceptance of the purchase agreement, you must complete an inspection amendment, requesting the sellers to correct any major problems which may affect the habitability of the home provided the house is not a SOLD AS IS property. Sold as is - means that the owner will not fix any problems found, hence the price at which it is being sold to you for. Please understand this very well.

Homeowners Insurance
You must obtain a policy prior to closing. If you would like, we can have an independent broker provide a quote. The premium should be less than $3 for every $1,000 of insured value. For example, a $50,000 home should be less than 3 x 50 = $150 per year. Please let us know the dollar amount for the premium at least a few days before closing, so that we can tell the title companyand have everythin arranged for you.

The title company (Home Deed Registration Company) will call us prior to closing to get the premium amount, so that they can tabulate the escrow amount for the closing statement. They will then fax us a copy of the closing statement so that we can review it with you prior to closing.

Closing/Completion:
Closing/completion is usually held at the title company selected by the sellers to provide your title policy. It is customary for the sellers to bear the cost of this policy.

You need to have 3 things ready for closing/completion:

1. your cashiers or certified check
2. your homeowners insurance policy
3. your receipt for 1 year prepaid on the policy.

4. Proof of identification (Passport, Driver's License, etc)