What you need to know!
Date of Mutual Acceptance - When both parties have signed the Real Estate Sales Agreement (yay!)
Earnest Money Due to Title - 3 Business Days after Mutual Acceptance Agreement
Inspection Period Deadline - 10 days from Mutual Acceptance / All Repairs Negotiated
Review/Approval of Preliminary Title Report
Review / Approval of CCR's
Sign Closing Documents and Loan Estimate - Must be 4 days before loan closes
(RECEIVE Your Keys!!)
Uncommon terminology, commonly used in real estate..explained
Escrow means that you’re using a “third party” (typically a Title company) to hold something of value ( i.e. earnest money) , to secure your funds with a non-biased party.
Earnest money can be viewed as "insurance" from the buyer to the seller. This lump sum (typically 1-2% of the loan amount) is only refundable if a buyer backs out of a transaction within the inspection period for a valid reason or if the appraisal value comes in low (below offer price) and the two parties can't agree on price.
Closing costs are essential funds required to close on your home. These can include but not limited to: property tax, title fees, lender fees, HOA transfer fees, appraisal fee, Inspection fee, recording fee and the rest of your downpayment. It's important to review your loan estimate to have a good idea of what you'll have to bring in at the end of transaction.
An easement essentially means that there is access granted to use someone else's land/property for a specific purpose . This is granted and recorded with a title company.