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The Purchase and Sales Agreement covers all the details and terms of the transaction in pages where an offer sheet will attempt to cover those same terms in 1 page. It is best to present as clear and detailed an offer as possible to avoid misunderstandings that can cost time, money, and hurt the negotiation process in a way that was otherwise avoidable. The first items on the contract are the purchase price and downpayment amount.
Your Realtor will be able to help you determine a fair market value for the property and general market conditions such as competition and available inventory that might impact the offer. The typical contract offers 2 standard buyer contingencies. There is the inspection contingency, which is inherent to the sales agreement unless actively waived by the buyer. Standard in RI the buyer has 10 days from the date of the final signature on the contract, excluding weekends and holidays, to hold inspections, get reports back, and make requests for repairs or credits or withdraw if they found something that makes them uncomfortable moving forward with the purchase.
There is a also a mortgage contingency in the contract. This can be waived in the event the buyer is paying cash or financing through a third party via a hard money loan or an equity loan on an existing piece of property. The mortgage contingency sets a date, typically about 2 weeks prior to the contract closing date, by which to lender must provide you with a mortgage approval letter or we need to extend the contingency or withdraw if we are unable to get approved for financing prior to the commitment date.
Failure to meet the mortgage commitment is not a default and the buyer would be subject to receive full refund of deposit upon presentation of a denial letter from the lender. Once we have had the inspections, depending on the outcome, we may have another negotiating situation to get things fixed that were not disclosed as deficient. It is best to avoid submitting payment to your lender for the appraisal until negotiation of repairs is completed. This is required by your lender but the buyer pays for the appraisal.
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Once the inspection process is completed and we have gotten our mortgage commitment, we are in the home stretch. The lender may ask for more documents often times requestings items you have already provided, a good practice is to keep copies of everything you send to your lender. You will need to provide your home insurance rider to the lender. You should coordinate with seller regarding transfer of utilities into your name to correspond to the target closing date, confirm a schedule time with the closing attorney, and about days prior to closing the lender should provide you with a final estimate on closing costs and cash required to bring to closing.
You will need the cash to close and a valid photo id to complete the transaction. There should be a final walk-through of the property the morning of or night before the closing. If the closing occurs later in the day, you may not be able to take occupancy of the property until the next day after the attorney has filed with the town.
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