Milwaukee Real Estate Purchase Attorneys
Instructions for Buyers
1. Pay Attention to all deadlines set forth in the Offer to Purchase. Those deadlines may be modified by any subsequent counteroffers, addendums, riders or amendments.
2. If your Offer is contingent upon a home inspector, order your home inspection immediately after acceptance of your offer or counteroffer.
3. If there are any defects found in the inspection to which you object, written notice must be given to the seller within the time stated in the Offer to Purchase or as modified by any subsequent counteroffers, addendums, riders or amendments. I must be given adequate time to prepare the notice to the seller. If such a notice is to be given, I will need to obtain a copy of the Inspection report from you.
4. If your offer is contingent upon financing, make arrangements with your lender to apply for financing immediately. Please obtain a preapproval letter from your lender if you have not done so already. A written loan commitment must be given to the seller within the time stated in the Offer to Purchase. A loan commitment is different from a preapproval letter. It is issued after the underwriting process is completed.
5. Keep in contact with your loan officer. Update me as to the status of your loan.
6. Once you have a written commitment for financing, your lender should coordinate the time, date and place of the closing with me. Do not schedule a closing without me being informed as to when and where the closing is to take place. If the closing cannot be scheduled for a time that is compatible with my calendar, it may be necessary for me to arrange to have another attorney present.
7. You have the right to inspect the property within three days prior to closing to determine if there has been any change in the condition of the property.
8. Make sure you are clear with your loan officer as to what you need to bring to closing. Funds are usually to be in the form of a cashiers check. If you are receiving funds from a brokerage account, it may take several days before you receive the funds. Tell your loan officer that you are obtaining funds from your brokerage account so that he or she can give the amount of money you are to bring to closing. The check from the brokerage account may not be acceptable to the closing agent from the bank. They may require that it be from certified funds.
9. Make sure that you have obtained the required insurance (usually a binder and a paid receipt) prior to closing.