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Who will be completing the contract forms, negotiating the offer, and looking out for your interests?
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The Prange Team. The eight–page contract (and many addenda attached thereto) contains the agreement of Buyer and Seller, stating representations and promises to be performed by each of the parties.
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What happens to the earnest money?
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The money is taken to the title company and put in escrow.
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What is an option period?
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A period of time purchased by the buyer for the unrestricted right to terminate.
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How many and what kind of inspections
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Normally, a structural/mechanical inspection along with a Wood Destroying Insect (WDI) inspection. There are others if applicable.
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Once inspected, what are the parties’ choices?
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All inspection anomalies are negotiable.
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What if the Lender or Title company does not approve an existing survey?
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A new survey must be provided.
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What happens if flood insurance is required?
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The buyer will be responsible for obtaining prior to closing.
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What if the title search discovers “title problems?
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The escrow officer will work with the seller to get all problems cleared prior to closing.
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What happens if the closing date is not met?
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The close date can be amended.
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What if the Buyer wants to move in prior to signing the closing papers? Prior to the Seller receiving his monies from the closing?
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If both parties agree, a Buyer’s Temporary Lease Back is executed.
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