Home buying tips dallas tx
The most important part of the contract is not finished yet. On page 7 is a line that says, “effective date.” That line must be filled in. It seems like such a small thing but that is the date that all other time sensitive items stem from. If you don’t know where you started how do you know when you get there.
The first date most of you will come across first is your option period. 7-10 days is typical but this time frame is negotiable (as is all of the contract). The buyer must pay a fee to enact this provision which gives the buyer the unrestricted right to terminate the contract during the prescribed day 5. If you fail to pay this money to the seller within 2 days (do not give the check to your Realtor but the listing agent or seller) the buyer loses this right to an option period.
The next date is delivery of the survey and title commitment. After you receive the last of these items you have a negotiated amount of time to object to any items or matters you are not happy about.
The next date is the financing date, the buyer’s time frame to be considered credit worthy to buy the property. The time frame for this is usually 21-30 days given the current lending requirements. Can this be done in a shorter time frame, yes!?! Check with your lender to determine a realistic time frame.
There are other items in the contract that may or may not affect you such as receipt of the seller’s disclosure. Most Realtors give it to their clients before writing an offer but there are date sensitive requirements for the buyer to make informed decisions after receiving it.
The buyer has other obligations associated with buying a house, such as selecting home owners insurance, a home service company (if you requested on in the contract) and of course providing the lender all the items needed to complete the loan.
I tell my buyers the process is a “hurry up – wait – hurry up” from the time you select your home to closing.
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