Stone Realty - Information for Buyers

Helpful Information for Buyers

Tips for First-Time Buyers

Is this the first time you are buying a home? If so, and you have found your dream property, here is the usual sequence of events before going to closing.

When a purchase price has been agreed on, you give the broker a check for 1% of the selling price. We all this a "binder payment," and it is deposited in the broker's escrow account. It belongs to you until closing. If the deal should fall through, this money is refunded to you.
When you give the broker the binder, you will be asked to sign a purchase offer. For the buyer's protection several contingencies should be written into the purchase offer.
- Subject to the buyer obtaining financing
- Subject to a licensed engineer's satisfactory report on the structures on the property. The engineer will check plumbing, electric, septic system, structural soundness, and insect infestation. He can also check for radon gas.
- Subject to satisfactory water test
- Subject to satisfactory survey
- Subject to clear and marketable title. A title search insures the buyer against any liens on the property.
The next step is going to contract. The contract should have all the contingencies in it. Upon signing the contract the buyer will have to give the seller's attorney a check for 9% of the selling price. The seller's attorney will deposit this amount in his escrow account. Should the deal fall through, the contract moneys are returned to the buyer.

If all the above items go well, the last step is closing. Congratulations and good luck!

Attorneys and Financing

When possible, we suggest you use an attorney in this area. If you are going to use bank financing, we highly recommend that you contact a bank before entering negotiations and get pre-approval for a mortgage. Stone Realty would be happy to guide you through all the required steps in your property purchase.

Although we represent the seller in the transaction, we will always be fair and truthful with the buyer. After closing, the seller leaves and the buyer stays!

Our Listings

Be sure to view our current listings!