what exactly is envolved in signing a house purchase contract,or is it all done on the closing date?
2006-08-01 09:08:03 · 2 answers · asked by curious 2 in Home & Garden ➔ Other - Home & Garden
When you sign a purchase contract, you are agreeing to buy a house at the agreed upon price, subject to the successful application for a mortgage. Failure to follow through with the purchase usually results in the forfiture of your earnest money deposit to the seller, so be sure you know what you are doing.
After a mortgage loan application is approved, and after other requirements have been met, a closing date will be set up. At the closing, you sign the mortgage loan contract and other pertinant documents, the seller gets a check for the sale of the house, and the real estate company gets their commission.
Good luck with your home purchase.
2006-08-03 07:58:05 · answer #1 · answered by exbuilder 7 · 9⤊ 0⤋
That question is too vague. Are you using a real estate agent or doing a private sale? Are you using attorneys and getting a title search done? The actual purchase agreement is signed at closing.
2006-08-01 16:11:39 · answer #2 · answered by quirkyk 3 · 0⤊ 0⤋