Congratulations You Bought A House!
Congratulations You Bought A House! is the phrase home buyers are anxiously awaiting to hear. Are you wondering what happens after the congratulations are extended and your offer is accepted? There are several things that need to happen. A lot of what happens after your are told congratulations you bought a house, is your agents responsibility to take care. He will send your accepted REPC (Real Estate Purchase Contract) and Addenda to a title company. They will open an Escrow Account and begin preparing for settlement. Settlement and Closing are sometimes confused. Settlement happens a day or two prior to Closing. At Settlement all funds are collected and documents are signed. This process is handled by the Title Company. Once settlement is over everything is sent to be recorded. Once all of the applicable documents are recorded, the property is yours, and your agent will say,”Congratulations you bought a house!
Home Inspection
An important step in the home buying process in the St George area is the home inspection. It is not a good idea to purchase a home without having a trained professional inspect your new home. This is part of what is known as the Due Diligence period. During this period, you as a home buyer have the opportunity to make sure you are confident with your purchase. If you are unable to make a good decision on your own you can hire an expert. We have listed below some items that you may want to consider during your due diligence period. These items are taken from the Due Diligence from which is one of the state approved forms required by the state known as UAR or Utah Association of Realtors. The time for Due Diligence is so important it has specific date assigned to it on the last page of the REPC. There are several good home inspection companies here is one that I like.
Buyers Due Diligence
Building Code
Rental of Property
Hazardous Waste and Toxic Substances
Surveying and Staking
Home Warranty Plans
Flood Zone and Insurance
Homeowners Insurance
Title Issues
Homeowners Association
Physical Condition
Square Footage/Acreage
Utility Services
Water
Geological Conditions
Mold
Housing Compliance
Property Taxes
Income Tax/Legal consequences
Congratulations You Bought A House!
It is obvious that there are a lot of things to take into consideration before you can get to the, “congratulations your bought a house” part of the transaction. When purchasing a home in Washington County. Failure to inspect one of these items could be financially devastating. A home inspection deals mostly with the physical condition of the home. While it is imperative to examine the physical condition of the home it is equally important to know that other items listed above are not an issue. Let’s just say for example that an addition has been built to an existing home. If the proper building permits were not gathered, and the building was not inspected as it was under construction, the building may be out of compliance. Recently there was a property for sale at auction. The agent disclosed that the garage was actually built too close to the neighbor. The beautiful garage was 18″ over the approved build zone. If a buyer did not know this and the seller failed to disclose it, someone is going to lose some money, and there will probably be legal action taken.
