Contract and Warranty
Contract Preparation: Crossing the T's, Dotting the I's
The Contract of Sale, or Purchase and Sale Agreement, is a legally binding document whereby the homeowner and 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?
Both buyers and sellers incur expenses during the transaction process. 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. The responsibility of the annual expenses of property taxes and homeowner association fees is typically shared between buyers and sellers and prorated based on the closing date.
What is the actual closing date?
Closing is the consummation of the real estate transaction. It is the time when the title to the real estate is transferred in exchange for the payment of the purchase price. It is complete when the seller delivers the deed, all loan documents are signed and the parties meet the contractual obligations. In Maryland the sale proceeds are typically paid to the seller at closing, in the District of Columbia and Virginia, however, funds are generally disbursed after the recordation of the documents in the county. The lender is responsible for providing the buyer with a good faith estimate, which will provide a close approximation of the buyers costs.
What is the date of occupancy?
The date of occupancy is agreed to between the buyer and seller during the negotiation process. If the seller remains in possession after closing, there should be a rent back agreement in place prior to closing.
HSA Home Warranty Protection: See What Sets
Seller coverage is FREE for up to 12 months.
Seller heat and air option is just $40, and payment is not due until closing
No square foot or age limitations
Seller and buyer coverage includes, at no additional cost:
- Lack of maintenance
- Failures due to rust
- Undetectable pre-existing conditions
- Washer and dryer
- Garage door opener
- Ceiling and attic fans
Buyer coverage also includes at no additional cost:
- Rook leaks
- Refrigerator with ice maker and beverage dispenser
- Burglar and fire alarms
- Doorbell system
- Central vacuum system
Coverage for 13 SEER and R-410A is included in base plan
Buyer 7 Star Upgrade package adds and enhances
the comprehensive base plan!
HSA’s Service Guarantee – We won’t make your clients wait for repair service! When a homeowner calls for service, HSA provides a qualified, prescreened contractor to take care of the repair. If HSA’s service provider cannot respond in a timely manner, HSA will approve the use of a contractor outside of it's network to ensure the convenience of fast service.
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To lessen the stress of buying a home, and for peace of mind that comes with a home warranty, call your agent today FOR details about CENTURY 21® Home Protection Plan coverage.
Contact CENTURY 21 New Millennium for more information.