The Condo Purchase
One Step at a time
By Eric

The Purchase Agreement
 We put it in writting
 
  • Offer price 
  • Date to close 
  • Type of financing and interest rate
  • Downpayment
  • Loan approval dead line 
  • Closing attorney, Purchasers usually chooses Title Co.
  • Deposit Amount you get back as a credit at sale. 
       Home warranty, time to ask for one. 
       Property disclosure to read and sign Plus lead base paint.

      The seller can accept or counter on any points. The counter  will be timed so purchaser should be ready to act. 

    •   Acceptance of Contract

     
  • Deposit to listing broker.
  • You choose the title company in most cases 
  • 10 Day inspection begins
  • Hire a general inspector and A/C if needed. 
  • Be There during inspections if possible 
  • Inspector will give you a written report
  • Followup on inspections if needed 
  • Inspection response by day 10 
  • Settle on repairs or a dollar amount

    • Appraisals and Insurances

     
  • Appraisal done after inspections are complete
  • Homeowners condo insurance, Inside plus contents 
  • Flood insurance is in the condo fees 
  • Call several agents to compare or ask me. 
  • Copy of the MLS sheet for the Insurance Agent 
  • Check with the lender during the process

    • Title Company Needs and Does

     
  • Set the time for closing 
  • Cashiers check made to the tilte company 
  • The lender checks to see if all insurances are OK  
  • Title Insurance for the lender is a must.
  • Hud statement is a breakdown of all the costs 
  • Lender supplies info to the title company
  • Bring picture ID to closing 
  • Don't forget your certified check, may be a last minute thing

    •  Final Walk Thru

     
  • Review repair work and receipts
  • Check the condo for any changes 
  • Utilities should be ready to be transferred 
  • Phone , Cable , and electricity
  • Re-key locks upon closing, don't forget mail key

    •  Condo Ownership starts

     
    • Let eric Know how you are doing
    • Happy to answer any further questions

    Always appreciate refferrals

    Remember to File for your homestead exemption

     Return to New Orleans Condos

     Eric Bouler E-Mail
     504-212-0072

    Feel free to ask me some of the things that are not clear.