Completing paperwork with every I dotted and T crossed is one of the most critical components of buying a house in Dallas Fort Worth to ensure everything goes smoothly. Let us assist you in preparing for your next home purchase by familiarizing you with five documents you will encounter while buying a house in Dallas Fort Worth.
Contracts
You’ll very certainly use the services of a mortgage lender, if not a knowledgeable and professional real estate agent. There will be contracts to sign in both circumstances that define and put in stone specific rules.
It’s critical to read any contracts properly before signing them in order to fully comprehend what you’re agreeing to. Your agent contract, for example, will indicate whatever commission the agent will receive — which is negotiable. Details about locking in your interest rate and an exclusivity clause will be included in your lender contract. Once signed, this exclusivity provision implies that you agree to proceed with seeking to acquire financing from only that specific lender.
The reason to bring this up is to understand that once you have selected your lender and signed their contract, you are likely stuck with them.
Property Disclosure
You may or may not encounter a seller’s property disclosure during the process of buying a house in Dallas Fort Worth due to stipulations in municipal and state laws, but they are quite common.
The property disclosure allows the seller to advise any potential buyers of any specific issues with the property’s condition or damage. For example, some locations may require the seller to disclose any prior flooding damage so that the buyer is fully aware of the risk of future flooding, the need to install a de-watering system down the road, or the likelihood that their lender would want flood insurance.
Purchase Agreement
This paper is most usually referred to as your offer in layman’s terms. Every condition you put forth for acquiring the home will be included in your purchase agreement, including your suggested purchase price, any proposed repairs, inspections, and even the deadline for having everything finished for closing.
When the seller receives your purchase agreement, they will consider it and either accept or reject your offer, or make you a counteroffer. The seller’s counteroffer can change any of the previously outlined points or even suggest that specific items be removed entirely.
The purchase price, who pays for closing costs, repair contingencies, and the inclusion of a Dallas Fort Worth house warranty are all classic topics of contention between the buyer and seller.
Inspection Reports
Some homebuyers are not aware that there are a whole variety of inspections that can be done on a home and often depend solely on the traditional whole home inspection to suffice.
The house inspector will provide you a report outlining everything that was found and discussed with you during the inspection, regardless of which inspections you choose to have done (we strongly recommend at least the entire home inspection). Prior to moving through with the purchase of the property, you should always check over the inspection reports to ensure you did not miss anything important regarding the functioning or condition of your Dallas Fort Worth home.
This inspection report then provides you with additional details that could be included in your repair contingencies if they are critical or costly enough.
Transfer Documents
Finally, we have the major documents that all detail the transfer of ownership of the property to you. These transfer documents include the title, deed, and occupancy.
If you hire an agent, they will handle all three of these for you, and you will be blissfully oblivious that they exist unless your agent encounters complications while completing any of the three.
Ultimately, all three of these transfer documents are what bring you under the ownership of the property and its utilities.
Guidance When Buying a House in Dallas Fort Worth
If you want a steadfast partner when buying a house in Dallas Fort Worth, contact us today at 972-284-9713!