Buyer Step 2: Disclosures and Investigations - What's Next?
What should have happened already and where are things going next in the buying process? Watch this video and learn more about important details, such as the seller's disclosures and the property inspection. These are important to know so that you can feel more confident about your home purchase. Also, don't forget to follow us on our social media channels.
Earnest Money Deposit - Down payment made by a purchaser of real estate as evidence of good faith. A deposit or partial payment.
SPQ - (Seller Property Questionnaire) The seller must disclose all known material facts, even if those facts relate to things that occurred in the past, including prior to the seller’s ownership of the property. The seller should answer the questions based on the seller’s actual knowledge, regardless of how much time has passed.
TDS - (Transfer Disclosure Statement) Itemizes everything that is being transferred with the property, and lets you know if they are working and in good condition. It also describes the condition of a property, along with any repairs that have been done to the property. In the case of a sale, this must be given to a prospective buyer as soon as practicable and before the transfer of title.
Home Inspection - Provide an opportunity for a buyer to identify any major issues with a home before closing. Your first clue that a home inspection is important is that it can be used as a contingency in your contract with the seller.