With the exception of new construction, Residential Real Estate is typically bought and sold "As is with the right to inspect" which means that Buyers purchase the property AS IS and Sellers are exempt from any obligation to warrant the condition of their properties, and are exempt from any obligation to repair them. As such, it is highly recommended that Buyers hire a professional home inspector to inspect the condition of the subject property during the "Property Inspection Period" of the contract.
a. Property Inspections are optional, yet highly recommended
b. Realtor orders a Property Inspection Report at an approximate cost of $350.00 (paid for by Homebuyer)
c. As per the covenants of the "Property Inspection Period" clause of the contract, Homebuyers have the right to cancel the Purchase Transaction and be released from all of its contractual obligations provided that they cancel the contract within the "Property Inspection Period" at which event, Homebuyers are also entitled to be refunded the full amount of their Earnest Deposit.
d. The "Property Inspection Period" is typically seven (7) calendar days.
8. Final Loan Approval
a. Homebuyer notifies Seller of Homebuyer’s receipt of Loan Approval within the "Loan Approval Period" as stipulated within the
b. The "Loan Approval Period" is typically 30 days
9. Clear to Close
a. Your Mortgage Loan is "Clear to Close" upon the Bank's satisfactory completion of their underwriting process
b. You help FundMyHome.org publicize your Grant Event by posting a Social Media Post to your friends and family before you close.
c. The closing of the purchase of your new home takes place at the offices of the Title Company 3-4 days after the loan is "Clear to Close"
10. Loan Closing
a. Real Estate Mortgage Grants and Down Payment Assistance, Inc., wire transfers the funds allocated for Down Payment Assistance on behalf of HomeBuyer
b. Bank proceeds to wire transfer funds to Title Company and emails Funding Docs
c. Homebuyer wire transfers to Title Company what remaining funds are needed to close
d. Seller signs Seller’s Docs
e. Homebuyer signs Buyer's Docs, Mortgage and Note
f. Title Company Closes Purchase Transaction
g. Homebuyer receives KEYS and Closing Documents
h. The end....... Homebuyer becomes Happy Homeowner :)