What is covered in a real estate contract?
The Contract of Sale, or Purchase and Sale Agreement, is a legally binding document through which you as the homeowner and seller and the other party as the buyer agree to the terms under which the buyer will acquire your Portland property for sale.
Who pays the various expenses of the home sale, including closing costs?
During the purchase of a new home in Oregon and in Washington, typically both buyers and sellers incur expenses. Your knowledgeable Coldwell Banker Seal Realtor® will walk you through the details, but here are the basics:
· Buyers are usually responsible for costs associated with the down payment placed on their new Portland/Vancouver 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.
· Both Buyers and Sellers share responsibility for the annual expenses of property taxes and homeowner association fees, with these costs being prorated based on the closing date.
The actual closing date of a real estate transaction in Washington or Oregon is the date in which proceeds from the property sale are available to you, the home seller, and the transfer of the property title has been recorded by the county (this applies to all Portland Metro counties, including Multnomah County, Washington County, Clackamas County and Clark County).
During the negotiation process, the buyer and seller agree to the date on which the buyer takes occupancy of the home. If you, as the seller, remain in possession of your home after closing, there should be a rent-back agreement in place prior to closing.
Should I offer a Home Warranty to the buyer of my home?
When you sell your Washington or Oregon home, it’s prudent to invest in a home warranty. From water heaters to septic systems, to central air and heating, a Home Protection Plan covers repairs to a home while it is on the market and for a specified time after its sale closes. Having a home warranty increases your chances of a successful home sale by giving prospective buyers peace of mind. Coldwell Banker Seal clients qualify for a Home Protection Plan from American Home Shield. This plan, which is paid out of escrow at the closing of your real estate transaction, will cover the cost of many repairs or replacement systems to your home.
Get more details about home warranties in Portland Oregon and Southwest Washington by contacting your CB Seal real estate agent today.
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