Q:		What is a typical down payment?
A:		Typically a $1,000.00 deposit is given and the balance of 10% of the purchase price within five days of signing the contract. Every contract is subject to individual needs and circumstances. Often more is required and occasionally less is permitted.
Q:		What is the typical period of time between signing a contract and closing?
A:		Typically 30 - 60 days on resale property, although this varies based on individual circumstances.
Q:		Should I get a home inspection of property being purchased?
A:		We believe all resale property should include a home inspection. It is typically a buyer's expense and protects the buyer from unforseen repairs and damage. Typically, any defect that is not cosmetic in nature, will be repaired at the expense of the seller up to 1½% of the purchase price.
Q:		What is the typical mortgage contingency time?
A:		The typical time frame is 5 - 20 days. This varies on individual circumstances and can be longer. It may be required from the seller that there is no mortgage contingency at all.
Q:		What will my closing costs be?
A:		Closing costs are based on the amount of the purchase price of the property and are typically 1% - 1.5% of the sales price without a mortgage. If there will be a mortgage, closing cost can vary between 3% and 4.5% of the purchase price, depending on the type of mortgage and the bank or mortgage company's fee.

This list of questions is intended to be informative only. For additional explanation or information please contact our Rental Office listed below.