【Home Purchase Process】Things to do after you get into contract

Congratulations! Now you are in contract. Here is a list of things for you to do.

1)Earnest Money 

Please send an earnest money check made out to Re/Max 24/7.
Depending upon the purchase price, around $1,000 is in common. (as of December, 2015)

(Example)
Earnest money

Please scan the check and email it to akiko@nihongo-de-columbus.com .
Also, please mail the check to the address below:

Re/Max 24/7
Atten: Akiko Miyamoto
106 S High Street
Dublin, OH 43017

The earnest money amount will be credited towards you at the time of closing.

2)Home Inspection and Termite Inspection

After you go into contract, a home inspection will be scheduled according to the time allowed in your Purchase contract. The time period for this is normally between 7 to 10 days. If you miss this time window, then you will lose your right to have an inspection(s) and to ask Seller for any remedy, which means you are buying the property as is. Please make sure that you will order your inspections in timely manner. You are paying for the inspection(s) at the time you receive the inspection report(s). Upon receipts of inspection reports, you will discuss what you would like Seller to repair with your agent. Then, the agent will create a document called Request to Remedy. The deadline for Seller to reply to this request is also documented on your Purchase Contract. The time period for this is normally 3-4 days.

Normally, a home inspection is around $300-500 depending on the size and complexity of the house, and a termite inspection is around $75-150 also depencing upon the house.

I am often asked if Buyer should go to the inspection. It is best that you meet up with your inspector after they are done with their inspection so they can focus on their job. Some inspectors do this for free and others charge a small fee for the extra time.

If you need referral, ask your agent! They normally have a few inspectors for you to choose from.
Make sure that you do not let the inspection period expire!!

3)Home Owner’s Insurance

Your lender obligate you to have a home owner’s insurance. Even if you are purchasing in cash, having a protection of home owner’s insurance is recommended. Normally, your current insurance agent should give you the best rate. However, I highly recommend you shop around a little for a best rate.

I always have a good experience with NRT Insurance Agency, Inc. (CBKT is affiliated with NRT Insurance Agency) 1-888-717-1776.

【Home Owner’s /Condo Association】
If the property you are purchasing has a home owner’s or condo association, please receive Condo Docs or Bylaws to learn about rules and restrictions of the subdivision. Normally, your agent will put a contingency of review of these documents in the Purchase Contract. If you need to rescind the contract because of the rules and restrictions do not match your intended lifestyle, you need to do so during the time period stated in the Purchase Contract.