What is covered in a real estate contract?
The Contract of Sale, or Purchase and Sale Agreement, is a legally binding document, whereby the homeowner (the seller) and you, (the buyer) agree to terms under which the buyer will acquire the seller’s property.
Who is paying the various expenses of the sale, including closing costs?
In Oregon and Washington state, both buyers and sellers incur expenses during the transaction process. Your knowledgeable Portland, Oregon Realtors at CBSeal will walk you through the details, but here are the basics:
· Buyers are typically responsible for costs associated with the down payment placed on their new home, any home inspections, a portion of the escrow fees, the portion of the title insurance policy that benefits the lender, and any loan costs.
· Sellers generally pay for a portion of the escrow fee as well as a standard title insurance policy.
· Shared responsibility for the annual expenses of property taxes and homeowner association fees is divided between buyers and sellers and prorated based on the closing date.
The actual closing date of a Vancouver or Portland real estate transaction is the date in which proceeds from the sale are available to the seller and the transfer of the title has been recorded by the county. The lender is responsible for providing you with a good faith estimate, which will provide a close approximation of your financial requirement to close the transaction on your new Portland or Vancouver property.
During the negotiation process, you and the seller agree upon the date of occupancy. If the seller remains in possession after closing, there should be a rent-back agreement in place prior to closing.
Why should I get a home warranty?
To decrease the chances that you’ll have to pay for repairs on a home after you buy it, invest in a home warranty. The Coldwell Banker Home Protection Plan will cover many of the costs of repairs or replacement systems to your new home. From water heaters to septic systems, to central air and heating, the Home Protection Plan protects against the normal wear and tear of your new home's covered major mechanical systems and built-in appliances for a specified period of time after the close of the sale of your new home.
To lessen the stress of buying your new Oregon home or Washington investment property, and for the peace of mind that comes with a home warranty, ask your Coldwell Banker Realtor today for more information on Home Protection Plan coverage.
Keywords:
Portland Home Warranty, Portland Oregon Closing Costs, Vancouver WA Home Sale, Clark County Real Estate, Southwest Washington Realtors
