Toronto Realty Blog

NOVEMBER 13, 2023

Peter tells John, “I wanted to let you know that I am going to list the condo for sale.” The property is listed for sale and ends up selling after about three weeks. Bob the Buyer is a young man who is purchasing his first home, and is excited to move into the condo in the fall. And what does Bob the Buyer do?

Purchase and sale agreement 106

Purchase and sale agreement Residential Closing Pre-approval 106

HomeLight

JANUARY 3, 2024

Sometimes you come across a home for sale that checks off every box on your list, but the listing status says that it’s “under contract” or “sale pending.” In most cases, there are contingencies in the buyer’s offer that need to be cleared before the transaction is moved to the more solid “sale pending” status.

Purchase and sale agreement 103

Purchase and sale agreement Earnest money deposit Inspection contingency Pre-approval 103

HomeLight

JUNE 9, 2023

The final sale hangs in the balance, waiting for certain conditions or “contingencies” to be met. These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home. ” Step one: Talk to a few buyer's agents!

Home sale contingency 143

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 143

Realty Biz

SEPTEMBER 19, 2022

Question from Ellie in ID: Hi Brian, We had a purchase offer accepted more than four months ago but it hasn’t closed yet. In fact, our mortgage was just given final approval less than a week ago. Four months ago, we made the full-price offer with only a financing contingency, which is probably why the seller has been patient with us.

Purchase and sale agreement 96

Purchase and sale agreement Finance Inspection Mortgages 96

HomeLight

DECEMBER 30, 2023

You may be building an online watchlist of homes you’re interested in seeing, but then you notice a label tagging your favorite property listing as “under contract” or “sale pending.” In this post, we’ll explain terms like “under contract,” “sale pending,” and “active under contract” and how they might impact your home-buying journey.

Home sale contingency 106

Home sale contingency Purchase and sale agreement Inspection contingency Inspection 106

Realty Biz

DECEMBER 15, 2022

These days, having a neutral third party to make sure everyone is satisfied with the sale and purchase can give both buyer and seller more peace of mind. . Many home buyers and sellers know that escrow is a financial arrangement with a third party who holds money or other property until the terms of the sale are complete.

Purchase and sale agreement 126

Purchase and sale agreement Inspection Title Closing costs 126

RIS Media

APRIL 12, 2021

A standard home purchase agreement typically includes contingencies. Purchase contracts typically include an appraisal contingency. Purchase contracts typically include an appraisal contingency. A lender won’t approve a mortgage for an amount greater than a home’s appraised value. Types of Contingencies .

Purchase and sale agreement 72

Purchase and sale agreement Inspection contingency Home sale contingency Inspection 72

HomeLight

MARCH 28, 2024

When a home sale closing is delayed, it’s usually the buyer holding up the deal due to financing hiccups, low appraisals, title issues, or problems found during the final walkthrough. We’ll also look at legal options if a seller defaults on the purchase agreement. What happens on a home sale closing date?

Closing 106

Closing Purchase and sale agreement Title Closing costs 106

Realty Biz

FEBRUARY 20, 2021

Given they are significant legal terms in a purchase and sale, it is essential to have a strong working knowledge of how they work. Some of these clauses can benefit you when purchasing a home, so we will look at some of the contingency clauses you might encounter when buying a property. Real Estate Contingencies Explained.

Purchase and sale agreement 135

Purchase and sale agreement Inspection contingency Earnest money deposit Home sale contingency 135

Realty Biz

JULY 1, 2023

Escrow acts as a neutral third party that holds funds and documents until all conditions of the home purchase are met. Step 1: Initiating the Transaction Learning about escrow and initiating the process is an important step that occurs once the buyer and seller have agreed upon the terms of the home purchase.

Purchase and sale agreement 75

Purchase and sale agreement Earnest money deposit Title search Pre-approval 75

Realty Biz

OCTOBER 20, 2023

This value is based on a variety of factors, including the property's location, size, condition, and comparable sales in the area. Home appraisals are typically required by lenders when a homebuyer applies for a mortgage loan. Mortgage Financing For many homebuyers, obtaining a mortgage is an integral part of the home-buying process.

Purchase and sale agreement 113

Purchase and sale agreement Inspection Finance Loans 113

HomeLight

SEPTEMBER 30, 2020

For a homeowner, that might look like not being able to make mortgage payments for a period of time. If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course. If a homeowner falls behind on their mortgage payments, a short sale is one potential way of correcting course.

Short sale 98

Short sale Closing costs Closing Sales 98

Realty Biz

MARCH 28, 2022

The payments will be a bit of a stretch for us, but we are preapproved for the mortgage. A contingent sale just means that some details still need to be worked out. A contingent sale just means that some details still need to be worked out. The home inspection and the appraisal are the most common. What does that mean?

As-is 82

As-is Purchase and sale agreement Debt-to-income ratio Sales 82

HomeLight

JANUARY 12, 2022

You’ve accepted an offer on your house and both you and the buyer have signed the purchase contract. Next steps include the home inspection, appraisal, and final paperwork. According to the loan software firm ICE Mortgage Technology, it took 50 days on average to close on a purchase loan for a house, as of Q3 2021.

Closing 112

Closing Purchase and sale agreement Pre-approval Inspection 112

Realty Biz

APRIL 20, 2022

What to Know About Terms and Conditions Found in an Offer to Purchase. It will state your offer price and many other clauses that could be crucial to the success of the purchase. Common Contingencies Found in an Offer to Purchase. Home Inspection Contingency. Mortgage Financing Clause.

Purchase and sale agreement 105

Purchase and sale agreement Home sale contingency Earnest money deposit Inspection contingency 105

HomeLight

NOVEMBER 29, 2021

But first, you have to sell your old home, potentially secure financing, and secure a home appraisal (and likely an inspection) on your new house. Most purchase agreements have some terms in place that must be met for the deal to go through, such as having a home inspection completed.

Purchase and sale agreement 96

Purchase and sale agreement Home sale contingency Inspection contingency Earnest money deposit 96

Realty Biz

SEPTEMBER 23, 2023

Understanding the mortgage process, including prequalification and pre-approval, is also essential. Buyer agents can provide valuable support in various situations, such as buying a new home or purchasing a foreclosure. You may likely be asked to sign a buyer's agency agreement. What is a Buyer's Agent Agreement?

Purchase and sale agreement 73

Purchase and sale agreement Pre-approval Agents Pre-qualification 73

HomeLight

AUGUST 16, 2021

Between searching for, viewing, negotiating , inspecting, and possibly renegotiating on a home, the road to the closing table is rarely a short one. And if the house you’ve landed on is listed as a short sale, you could be in for a long ride. What exactly is a short sale? Source: (Freedomz / ShutterStock).

Short sale 104

Short sale Sales Purchase and sale agreement Banks 104

Realty Biz

NOVEMBER 10, 2021

Listed homes for sale are classified in different ways to help you understand how far along in the sales process they are. If you see a home listed as “active,” this means it is for sale with the sellers considering bids from potential buyers. Will the Contingent Home Sale Fail? Home Inspection Discoveries.

Purchase and sale agreement 127

Purchase and sale agreement Inspection Inspection contingency Finance 127

HomeLight

MARCH 31, 2022

For instance, getting preapproved for a mortgage is imperative in the 2022 tight market. But one of the most influential bargaining tools is eliminating contingency clauses, especially the seller contingency clause, also known as the home sale contingency. Source: (Masjid MABA / Unsplash). What is a contingency clause?

Home sale contingency 86

Home sale contingency Sales Purchase and sale agreement Inspection contingency 86

Realty Biz

APRIL 17, 2023

It is a form of assurance that the buyer is serious about buying the property and will follow through with the purchase. The amount of earnest money typically varies from 1-5% of the purchase price, depending on the buyer's agreement with the seller. Let's examine more closely how a buyer's funds can be returned.

Earnest money deposit 66

Earnest money deposit Purchase and sale agreement Home sale contingency Title 66

HomeLight

JUNE 19, 2023

Basically, a rent-to-own real estate purchase means that you can live in the house as a renter with the intent to close on the home at a date in the future. Lease purchase: This type of contract requires the buyer to purchase the property at the end of the contract term. Purchase price: The price you will pay to own the home.

Purchase and sale agreement 103

Purchase and sale agreement Debt-to-income ratio Due diligence Inspection 103

Realty Biz

DECEMBER 19, 2023

There are specific benefits to selling a home for cash in Milwaukee, such as faster transactions and avoiding complexities of financing. Factors driving cash home buying in Milwaukee include the rise of real estate investment companies, the desire for quick sales, and the appeal of renovation opportunities.

Purchase and sale agreement 84

Purchase and sale agreement Finance Inspection Renovation 84

Realty Biz

FEBRUARY 1, 2024

A credit in home sales can be given for several reasons. Essentially, seller credits are a form of financial incentive the seller provides to the buyer to help cover certain costs associated with purchasing a property. During the inspection, it was found that the heating system needed to be replaced.

Purchase and sale agreement 80

Purchase and sale agreement Closing costs VA loan FHA loan 80

Point2Homes

DECEMBER 8, 2020

But, what does contingent mean and how does it affect your purchase? However, before the sale can go to closing, certain contingencies must be met. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. Contingent Statuses. No Kick-Out Clause.

Purchase and sale agreement 145

Purchase and sale agreement Backup offer Home sale contingency Short sale 145

HomeLight

JULY 30, 2021

We’ve researched the ins and outs of rent-to-own homes , as well as talking to experienced real estate agents about how a renter and landlord can enter into such an agreement, the pros and cons of doing so, and just what it means for you as a buyer if you decide to rent-to-own. Lease-option agreements. Lease-purchase agreements.

Purchase and sale agreement 98

Purchase and sale agreement Debt-to-income ratio Pre-qualification Inspection 98

Realtor.com

DECEMBER 6, 2021

“And find out if and how they would want to handle the sale to a buyer found by the seller,” says Sylvia Jonathan , an agent at Coldwell Banker Platinum Properties in Irvine, CA. Agents usually supply a variety of forms such as Residential Purchase Agreements to get offers in writing. appliances or fixtures).

Purchase and sale agreement 116

Purchase and sale agreement Agents Title Closing 116

HomeLight

DECEMBER 31, 2020

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

Closing 104

Closing Backup offer Sales Inspection 104

Realty Biz

JUNE 7, 2021

Credit Unions and large banks sometimes take a bit longer than other mortgage lenders. The mortgage lender, home inspection process, and appraisal process can all bear the time frame for the closing. Going through the inspection process. Possibly renegotiating any substantial home inspection problems.

Closing 120

Closing Purchase and sale agreement Inspection Title 120

Point2Homes

JANUARY 31, 2023

With a budget in place, your next step should be to get pre-approved for a mortgage. Without being pre-approved, you’ll need to delay your offer while you secure financing. Check out comparable properties to make sure that the sale price is fair or whether there’s a little wiggle room to negotiate.

Earnest money deposit 98

Earnest money deposit Purchase and sale agreement Pre-approval Inspection 98

HomeLight

NOVEMBER 9, 2021

If you need to move even more swiftly than that, selling to an online direct buyer through a platform like HomeLight’s Simple Sale could take as little as 10 days. The Simple Sale process frees you of the hassle of staging your home and jumping through hoops for the buyer’s lender. Buyer’s financing method. Traditional Sale.

Purchase and sale agreement 89

Purchase and sale agreement Home sale contingency Title search Inspection 89

Point2Homes

NOVEMBER 29, 2022

Generally, these are detailed in the conditional offer and may relate to a favorable home inspection , the go-ahead for taking out a mortgage and clear title checks. This will generally come into action once mortgage payments start for a homebuyer. This will then be written down in a legally binding agreement.

Earnest money deposit 85

Earnest money deposit Purchase and sale agreement Title Inspection 85

RIS Media

MAY 19, 2021

” What do they mean and how will they affect your home sale? Despite this, there can still be room to negotiate the conditions of the sale. Not all sales will have contingencies with them, but most will. Common real estate contingencies include the following: Inspection Contingencies. Contingent Meaning.

Purchase and sale agreement 98

Purchase and sale agreement Earnest money deposit Inspection contingency Home sale contingency 98

Redfin

MARCH 2, 2023

Regardless of your experience, navigating the housing market can be daunting, especially when it comes to understanding the complex jargon and legalities involved in purchasing a property. When a buyer applies for a mortgage to purchase a home, the lender requires an appraisal of the property to determine its fair market value.

Purchase and sale agreement 59

Purchase and sale agreement Earnest money deposit Finance Inspection 59

HomeLight

JULY 31, 2020

You don’t see as many short sales in 2020 as in 2010; despite their name, they’re neither short nor simple endeavors. If a homeowner is behind on their mortgage payments, owes more money than the property’s current value, and is in danger of foreclosure, a lender may agree to terms of a short sale. How do short sales work?

Short sale 98

Short sale As-is Purchase and sale agreement Sales 98

HomeLight

AUGUST 31, 2021

In the meantime, you’re still paying rent, maybe even more each month than you’d pay for a mortgage payment. But what if a portion of your rent were going toward purchasing your rental home at a later date? Rent-to-own basics: Crediting rent toward a future purchase. Source: ( Shopify Partners / Burst ). Sounds ideal, right?

Purchase and sale agreement 123

Purchase and sale agreement Due diligence Closing costs Mortgages 123

HomeLight

NOVEMBER 1, 2021

If you’re selling your home in a hot market rampant with bidding wars that drive up the purchase offers on home sales, you may realize that your home is unlikely to appraise for the inflated purchase offer or even for your asking price. Mortgage companies require an appraisal to determine the value of a home.

Purchase and sale agreement 96

Purchase and sale agreement Proof of funds Backup offer Finance 96