Understanding Your Purchase Agreement Deadlines
Congratulations! You've put an offer in on a home, and the seller's have accepted it. Now all you have to do is wait for the closing date to finalize the paperwork and collect keys to your new home, right? Actually, there's quite a bit more to buying a home than just that. Most purchase agreements are outlined with a number of items that must be satisfied prior to closing in order for the sale to go through. To ensure you know what your responsibilities are as a buyer, we've broken down some important information in an easy to read format for your convenience. Take a look at the following items and what your duties are in regards to the contract. Earnest Money Earnest money is a deposit made by the buyer as a show of good faith in a transaction. Typically the amount of earnest money required to secure the closing is agreed upon and outlined in the contract agreement. It's important to make sure that you have your earnest money delivered in a timely manner acco...