Ready to house hunt? Having a pro by your side can make all the difference. Your Fore Premier Properties Buyer's Agent will help you find the right property, skillfully negotiate the offer, and navigate the home-buying process (below). As your guide we will be at your service every step of the way.
Assessment of the property's market value, typically done for the purpose of obtaining a Mortgage.
The lender will hire an appraiser to place a value on the property before approving your loan.
You are always welcome to seek outside legal counsel on the contract.
The percentage of an individual's monthly gross income relative to the amount of debt owed.
A deposit made by the buyer in good faith that they’re going to purchase a home. This is money that the buyer won’t get back if they decide to back out of the deal for a reason not specified in the contract as one potential remedy available to seller in the event of buyer default.
In real estate, escrow refers to an account in which funds related to the transaction are held by a third party.
The third party that is responsible for holding any funds during the real estate transaction, typically an escrow or title company.
A policy that covers the cost of replacing or repairing many home appliances and systems if they break after the buyer has purchased a home. Referred to as a Residential Service Contract in the Purchase Contract, home warranties are not required, but are often purchased by a buyer when they close on a home. The seller is usually responsible for paying the cost of the buyer’s home warranty.
You are encouraged to have the property you want to buy inspected by a licensed inspector of your choice. You should have the inspection completed during any option period. If there are issues, we can determine the best way to move forward. Any obligation to complete repairs or credit in lieu of should be resolved and in writing before the option period expires.
The loan officer represents a financial institution and provides a loan to the buyer.
A specific timeframe in which the buyer is able to terminate the contract for any reason without risking their earnest money deposit.
A non-refundable fee paid by the buyer to the seller at the beginning of the option period. In the case that the buyer terminates the contract during the option period, the seller has the right to keep this money. Generally, the fee is credited back to the buyer at closing.
Advanced approval from a bank or other lending institution for a home mortgage.
Potential buyers provide an overall financial picture and mortgage brokers provide an estimate of what level of loan you will likely be pre-approved for.
A form required by sellers of previously occupied single family residences and is to be used in conjunction with a contract for the sale of real property. It contains information required to be disclosed by Section 5.008 of the Texas Property Code regarding material facts and the physical condition of the property.
A document that identifies the location of boundaries, major improvements, fence lines, drives, encroachments, easements, and other items on the property. The contract will typically contain a provision that identifies who is responsible for obtaining a survey and the right to object to encumbrances to title disclosed in the survey.
TITLE COMMITMENT: a document that discloses any liens, defects, or obligations that affect the property and outlines the terms and conditions that must be met before the title policy is issued.
This is an insurance policy that protects the buyer if someone comes forward to claim ownership of the home after closing. This lasts for as long as the buyer owns the property.
The buyer reviews the house just before closing to make sure everything is in the same condition and that all negotiated repairs are completed.