What happens after a buyer and seller agree on a price for a home?

After you find the home you want to buy, you, as the buyer, will present an offer through the real estate agent to the seller, outlining the purchase price, time to close escrow, contingencies, amount of deposit, etc. The seller can reject the officer, accept or counter. If a deposit is required, an escrow account is set up. Various property inspections are performed to determine the overall condition of the property. The Transfer Disclosure Statement is filled out by the seller and given to the buyer, which details the present condition of the property, including defects and malfunctions. If defects are uncovered, it is necessary to decide if the repairs will be done at the seller’s expense, or taken as a credit against the purchase price.

→ Read More