Offer Accepted, Now What?

Congratulations! Your offer was accepted!

Upon acceptance of your offer by the seller, the transaction proceeds to the next phase. You'll be required to provide a down payment, typically 3% of the purchase price of the home or condo, which will be held by the escrow company.

At this juncture, agreements with the seller regarding the closing date and contingencies have been finalized. Typically spanning 30 days, this period necessitates the satisfactory completion of each item outlined in the contract.

While contracts may vary, most entail the following key elements:

  1. Inspection contingency: Prompt completion of the inspection post-contract signing is crucial. Should the inspection yield unsatisfactory results, negotiations for repairs or contract cancellation are viable options.
  2. Financing contingency: Upon contract signing, a window is provided to secure funding. Failure to secure funding within the specified timeframe (unless granted a written extension by the seller) necessitates a decision on whether to proceed with the purchase. Hence, obtaining pre-approval before property hunting holds significant importance.
  3. Requirement for the seller to furnish a marketable title: A clear title is imperative to avoid legal complications regarding ownership. We facilitate the review of local and state property transfer ordinances to ensure compliance by both parties.
  4. Acquisition of homeowner's insurance: This prerequisite is typically mandatory before finalizing the sale. It's advisable to initiate the insurance application promptly after contract signing.

For more information on buying and selling in Mammoth Lakes, contact Jamie and Cynthia today! 

    If you have questions or are ready to begin the home buying process, just complete the form below, and a member of our team will be in touch shortly!

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