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Making an Offer to
Purchase: Once a property has been selected, an Offer
to Purchase is presented to the Listing Agent or to the Seller if
the latter is not represented. Various conditions are financing,
survey, what is included, purpose, assignable contract, possession
and closing date. In many cases a Property Inspection, Termite
Inspection and Surveys are required. Usually the Offer allows a
time period for acceptance and includes an Earnest Money deposit.
The deposit is retained in an Escrow Account and if the offer is
not accepted, the monies are normally returned. (Sellers
& Buyers Realty USA places all deposits with a Bonded
Title Company and does not maintain an Escrow Account.)
Counter Offer:
Many times the Seller may present a Counter Offer. In which
case the Buyer's Offer is automatically void. The Buyer may accept
or make a Counter to the Counter Offer. In turn, the Counter Offer
is void unless the Seller accepts. A Buyer may withdraw an Offer
prior to notification of acceptance.
Closings:
Real Estate Closings are conducted either by Title Companies or
Attorneys. Here in Charlotte County, the closing costs; State
Documentary Stamps costing 70 cents per $100 of the Sale Price,
and the Title Insurance are usually paid by the Seller. Other
counties vary. Sometimes the Buyer pays or both the Buyer and
Seller share the costs. This is negotiable, so make sure you ask.
Title Insurance & Taxes:
If there is a lender, Title Insurance is usually required. The
Buyer may also obtain a Title Policy for an additional sum, often
a wise decision. In many areas, Property Taxes are paid at year
end, so there is usually a Tax Pro-ration involved in the Closing
Statement. Closings may be conducted entirely by mail if the
participants are not available. Just prior to the Closing, the
Buyer and/or the Buyer's Agent may do a "walk through" of the
property.
Closing Statement: Before
Closing the Buyer will be given a Closing Statement advising the
total of monies required. In turn, the Buyer must have a Bank
Cashiers Check for the required amount to present at Closing.
Foreign Buyers are advised to convert their monies to US Dollars
at an early date as sometimes Foreign Currency Rates may fluctuate
against the Buyer.
Mortgage Financing:
Conventional financing is available up to 30 years at either fixed
or various floating rates for shorter terms. There are many
different mortgage options and loan programs to choose from.
Sellers & Buyers
Realty USA would be pleased to provide a list of Attorneys,
Accountants and Financial Sources to facilitate your real estate
transaction.
Non USA Resident Buyers should
consult with Attorneys or Accountants experienced in serving
International Clients prior to entering into any agreements. |
