The Inside Workings of a Hoboken Real Estate Transaction
Categories: For Buyers, Legal Matters
What exactly takes place when you want to buy a condo in Hoboken? Well, there is a sequence of events that takes place. Not always, but in most cases, assuming you are the buyer, it typically goes something like this:
Find out what you can afford
Talk to a mortgage lender
Check your credit report
Get a prequalification letter
Shop for properties
Find one you like
Make an offer
Negotiate the Price
Submit your contract and $1000 good faith deposit
You offer is accepted
Buyers and sellers sign contracts
Choose an attorney
Attorneys for buyer and seller receive copies of the contracts
Start attorney review
Negotiate deposit amounts, mortage committment dates, any other contingencies & closing date
End attorney review
Pay 1st deposit to seller - usually 10%
Find a home inspector
Do home inspection (termite inspection?)
Negotiate any issues that arise as a result of inspection
Bank sends appraiser to appraise property
Mortgage commitment received from lender
Review terms of loan
Confirm title insurance
Confirm Homeowner’s Warantee
Final deposit paid to seller
Final walk thru
Closing
Keep in mind, this is just a brief list of what takes place in most transactions. Of course, this may vary depending on circumstances. Stay tuned for a more in-depth look at each step in the process.
