I am always available to answer any questions you have about the transaction process, including the ins and outs of the Purchase and Sale Agreement, as well as the costs involved in any transaction. Here's a snapshot of what I share with my clients:
What does a real estate contract cover?
A real estate contract, or Purchase and Sale Agreement, is a legally binding document in which the homeowner (the seller) and you (the buyer) agree to terms under which you will purchase the seller’s home.
Who pays the expenses of the sale, including closing costs?
In the state of Washington, both buyers and sellers pay various expenses during a real estate transaction. We'll discuss the details as specific to your transaction, but here are the basics:
- Buyers usually incur the costs associated with the down payment for their new home, any home inspections, a percentage of the escrow fees, the part of the title insurance policy that benefits the lender as well as any loan fees.
- Sellers typically pay for a percentage of the escrow fee as well the title insurance policy.
- Buyers and sellers share responsibility for property taxes and homeowner association fees, which are prorated based on the closing date.
The closing date of a Washington state real estate transaction is the date in which proceeds from the sale of the home are released to the seller and the title transfer is recorded by the county. The lender provides the buyer with a good faith estimate, which is an approximation of the amount of money the buyer needs to close the deal on their new Washington home.
During the negotiation process, the buyer and seller agree on a date of occupancy. If the seller remains in the home after closing, it is important for the buyer and seller to negotiate a rent-back agreement.
Should I get a Washington home warranty?
Investing in a home warranty helps lessen the chances that you’ll have to pay for repairs on your new home after closing. Most home warranties will cover the cost of many repairs or replacement systems needed in your new home. For a certain period of time after you take possession of your new home, a home warranty can protect against the everyday wear and tear of the home’s major mechanical systems and built-in appliances. Covered systems can include water heaters, septic systems, central air and heating systems and more.
I can help you determine how a home warranty will benefit your specific situation and can also find resources for you in the event you seek this type of protection.
