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by David B. Zwiefelhofer
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oney and effort on someone who never had the ability to buy. You wouldn’t want to accept an offer, take your house off the market and then find out that your buyer can’t close. Insist on pre-qualification before negotiating.
Once the negotiations are underway work toward areas of agreement. If there are sticking points that you can’t seem to agree on put them aside and work on issues where agreement is closer. If you feel you must compromise on one or more points, nail down all the others first, in writing, before making your concession, so that the deal will be done once the concession is made.
Once you have an agreement, stop negotiating. Stop talking about the deal and move on to lighter topics. You don’t want any second guessing going on.
VII. The Closing Process
Gather Property Records
You’ll need to gather all the documents concerning your ownership of your property. They should include the following:
1. Deed
2. Closing Statement — an itemized statement from the title company/closing agent detailing the financial transactions relative to your purchase of your property
3. Covenants, Conditions and Restrictions (CC & Rs) — document typical of condominiums, co-ops and time-shares detailing various restrictions on the property
4. Inspection Reports — environmental, pest control, etc.
5. Insurance Papers — fire, homeowner’s, mortgage, etc.
6. Loan Papers — mortgage contract or satisfaction of mortgage and reconveyance deed, promissory note, trust deed, mortgage payment statements, property tax statements, property tax assessment notices, improvement notices, etc.
Once you have an accepted offer to purchase in writing, you and the buyer should deliver it with the buyer’s earnest money to the title company/closing agent. Both you and the buyer need to be present to answer any questions |
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