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seller escrow and closing costs |
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| Q: |
What contingencies should be put in an
offer? |
| A: |
Most offers include two
standard contingencies: a financing contingency, which makes the sale
dependent on the buyers' ability to obtain a loan commitment from a
lender, and an inspection contingency, which allows buyers to have
professionals inspect the property to their satisfaction.
A buyer could forfeit his or her deposit under certain
circumstances, such as backing out of the deal for a reason not
stipulated in the contract.
The purchase contract must include the seller's
responsibilities, such things as passing clear title, maintaining the
property in its present condition until closing and making any
agreed-upon repairs to the property.
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| Q: |
Where do I get information about
closing costs? |
| A: |
For more on closing costs,
ask for the "Consumer's Guide to Mortgage Settlement Costs,"
Federal Reserve Bank of San Francisco, Public Information Department,
P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163. |
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Copyright 1999 Inman News Features
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