When purchasing a home:
Down Payment: While some of the cost of purchasing a home could be paid by the seller, this is not permitted to be paid by the seller. This is exclusively the responsibility of the buyer(s).
Earnest Money Deposit: When making an offer, you will be required to write an earnest money check. Earnest money is a deposit made to a seller showing the buyer’s good faith in a transaction. It is held in an escrow account of the broker or title company. Traditionally buyers offer 1-2% of the home cost in earnest money. Ultimately, this amount you choose is solely your decision.
Closing Costs: Your lender will discuss closing costs with you. This can be a negotiating point as part of the contract, as this is one of the costs sellers are permitted to pay on your behalf. This is all dependent on the market and the seller’s willingness. We advise a discussion with your lender about whether or not these are needed in order for you to purchase.
Home Inspection: While not required, it is STRONGLY recommended that you have a home inspection completed on the property. This occurs during your due diligence period. If it is not satisfactory, you will have the opportunity to negotiate or decide not to buy the house. You may choose to have additional inspections such as mold, radon, well, septic, sewer, pool etc.
Home Appraisal: Your lender will discuss this potential cost with you.
Home Warranty: You may wish to purchase a home warranty. This is a cost that the seller is permitted to pay for if you negotiate it in your purchase agreement.
Brokerage Compliance Fee: $299 is due to 3DX Real Estate only at closing.
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