Information for Home Buyers Who Have Found the Right House and Are Ready to Buy
Once you are comfortable with the amount you will be offering, then we proceed to make a proposal to the Seller. To do this I fill out the Oklahoma Uniform Contract form, a form that is revised annually on November 1st to accommodate legal and regulatory changes. This form is explained in detail in a hard copy pamphlet which I have coded for this website. If you have not read the pamphlet, you can see it online by clicking on the following link: Oklahoma Uniform Contract Information.
- Writing the Contract Proposal
- Negotiating the Contract
- The Contract Documents and Parties
- The Legal Description of the Property
- Purchase Price, Earnest Money and Source of Funds
- Date of Closing, Funding and Possession
- Accessories, Equipment, and Systems
- Residential Property Condition and Disclosure
- Residential Service Agreement
Once both parties agree and all documents have been signed and delivery accepted, then we have an executed contract. This is when I will endorse the earnest money check and give it to the listing associate to put in the broker’s escrow account until closing.
Now we have an accepted offer. What comes next? Unless otherwise stated in the contract, we have 5 days from the Time Reference Date of the Contract to secure mortgage financing and 10 days from the Time Reference Date to do home inspections and get insurance coverage.
Now that we have a contract there will be many priorities being addressed simultaneously. Your immediate focus will be on working closely with your lender, getting homeowner’s insurance, and hiring professional home inspectors.
We both attend the inspections, because you will learn much about the property during this process. If you cannot be there, you can be assured I will be there.
Closer to closing we will be getting an attorney’s title opinion, getting title insurance, and getting a home warranty.
Then of course you will eventually have to focus on changing over utitilies, hiring movers, and making sound decisions about your animals.
Throughout this entire period you must continue to be managing your finances (i.e., not buying anything), and otherwise assuring a successful closing. So many problems can be avoided if buyers are prepared for contingencies in advance and anticipate potential problems with corresponding solutions developed by considering the “what if” scenarios of a transaction.