Home Buyer FAQ

Galanopoulos and Galgan Buyer's representation includes (but is not limited to)...
• Reviewing the contract and negotiating any modifications needed.
• Reviewing your inspection report and preparing and negotiating any requests.
• Keeping in touch with your lender and making sure all dates in the contract are current so that your earnest money is protected.
• Make sure you are provided with a clear title.
• Reviewing any association documents, if applicable.
• Explaining lender documents at closing.
• Checking Seller and Title documents to make sure they are correct.

Earnest money is a deposit made by the Buyer shortly after the contract is accepted, showing the Buyer’s good faith in a transaction. The money is held in an escrow account – typically with the Seller’s attorney, Buyer’s attorney, or real estate agent. In rare cases, the Buyer may forfeit the earnest money to the Seller if the Buyer breaches the contract.

Costs vary depending on the city in which the Buyer and whether the Buyer is getting a loan. But, some general costs you can expect include…
• Home inspection
• Radon test
• Appraisal fee
• Lender application fee
• Other lender-related fees, which should be disclosed by the lender on the Loan Estimate
• Title fees
• Recording fees
• Transfer tax
• Attorney fee

If the Seller agrees to provide the Buyer with a credit at closing (either per the contract or during the inspection period), the credit will be applied to the Buyer’s closing costs. The credit will essentially reduce the funds the Buyer has to bring to closing.

The Attorney Review contingency in the contract is a timeframe – typically 5 business days from the date of the contract’s acceptance date – in which the Buyer’s attorney may submit contract modification requests to the Seller’s attorney. The Home Inspection happens according to the same timeline as the Attorney Review. However, this provision in the contract allows the purchaser to request repairs and/or credit for items they found as deficient in the inspection report.

If the contract states that the property is being sold “As-Is,” the Buyer may (and should) conduct a home inspection of the property. If the Buyer finds the property unacceptable in the “As Is” condition, the Buyer may terminate the contract within a specific time period – typically five business days from the contract’s date of acceptance. When a property is sold “As-Is,” the standard inspection provision of the contract does not apply and the Buyer should not request repairs from the inspection report.

If you are the Buyer, contact the utility companies to confirm the final reading date (your closing date) and change the name on the account.

If you are the Seller, order and pay your final water bill and contact all other utility companies to have the bill transferred out of your name on the closing date. Do NOT shut off the utilities, as this can delay closing if the utilities are not on during the final walk-through.

You should receive the dollar amount needed to close from our office at least one business day before closing.

For amounts up to $1,000, personal checks can be accepted by the Title Company.

For amounts between $1,001 and $49,999, the Title Company will accept the following:
    1. Wire Transfer
    2. Cashier’s Check or Certified Check payable to the Title Company
    3. Attorney’s Trust Account Funds or Real Estate Broker’s Check
    4. Title Company Check (if you are using funds from a Sale)

For amounts of $50,000 and over, the Title Company will accept the following:
    1. Wire Transfer
    2. Title Company Check (if you are using funds from a Sale)

No. The Seller is not required to make the repairs. The Buyer may request that the repairs be addressed by the Seller, but the Seller is not required to agree. The Buyer and Seller have the opportunity to cancel the contract after the home inspection. NOTE: If the parties do not come to an agreement about the requested repairs and the contract is canceled, the Buyer’s earnest money should be returned.