I came across a resent commercial real estate news consolidationg on points which are quite helpful while making a house purchase.

1. You are now an 'official' house owner
I came accross a resent commercial real estate news consolidationg on points which are quite helful
while making a house purchase.
1. Making it official
First move towards making your house completely
yours calls for formal purchase offer and signing a
real estate contract. With your signature you enter in
a legally binding contract with the seller which
includes many offers like a roperty inspection, as
well as disclosure review, loan approval, appraisal
and other matters. Such contingencies enable buyers
to opt out of the contract if unexpected problems or
concerns pop up.
2. Disclosures
disclosure documents are preliminary title report,
copies of city reports and any specific local
documents. for example, an earthquake hazards
report or a geological survey is required as part of the
disclosures. In some areas of the South, especially
near the Gulf Coast, buyers usually receive flood
maps and reports relevant to the property being
considered.
3. The appraisal
An appraisal is the financial institution’s way of making sure the contract price is the right price. So
the lender sends out a third-party appraiser, which the buyer pays for, to confirm that the contract
price is in line with the neighborhood’s comparable sales. If it’s not, the bank can deny the loan or
change the terms.
4. Inspections
The most common commercial real estate news is a “general” property inspection, in which the
inspector checks the home from the foundation to the roof and investigates all major systems and
components. As the buyer, you should follow along with the inspector to learn more about the
property.
5. Loan approval or commitment
the bank will want to fully approve your credit, debt and income history before the loan. The bank
can take up to 30 days to complete its review, which should result in a loan commitment or full loan
approval. Once that’s completed to the bank’s satisfaction, you’re guaranteed a loan, and you’re one
step closer to closing.
6. Final walk-through
Just before closing, you should walk back through the property to make sure it’s in the condition it
was when you last saw it. Make sure the seller didn’t remove any fixtures, make modifications or
leave behind garbage or debris. You also want to be sure any fixes you negotiated with the seller
have been completed.
7. The closing

2. Depending on the market, the closing may happen at an attorney’s office or with an escrow officer
at a title company. In some jurisdictions, the buyer and seller don’t ever meet. Each goes in to sign
their closing papers separately. In others, the buyers and sellers sign the closing documents together.
Also, thanks to current technologies, some closings can now happen remotely using wire transfers
and overnight delivery of documents.