Owensboro Real Estate-Brancato, Diane

YOUR PURCHASE OFFER
There are numerous details to consider when preparing your Contract to purchase your residence. I will carefully take you through the contract, explaining its contents and obtaining the information that is unique to your purchase. Once your offer is prepared and signed I will deliver it to the listing agent for presentation to the sellers.

PURCHASE PRICE
The contract contains the price that you are offering to pay for the property and specifically what will be included in the sale. The earnest money deposit, cash at closing and loan amount are the components of the purchase amount.

EARNEST MONEY
Your earnest money deposit accompanies the contract when it is presented to the Seller. It represents partial payment for the property and is held in the Listing Broker's escrow account on behalf of the Seller once the contract is approved by all parties. The earnest money can be cash, cashiers check or a personal check. I will advise you as to an appropriate amount.

LOAN INFORMATION
The amount and type of loan, the maximum interest rate you are willing to pay, your maximum monthly principal and interest payment and the maximum loan origination fee and discount points are included in this section of the contract.

CASH AT CLOSING
Subtracting the amounts of the loan and the earnest money deposit from the purchase price leaves the amount of additional cash to be paid as the down payment. In addition to this amount, you will be paying normal purchaser's closing expenses including the costs of obtaining your loan. I can give you a good idea of closing costs and your lender will give you a good faith estimate.

DATES OF CLOSING AND POSSESSION
The date for closing the sale takes into consideration the time required to get your loan approved plus any time considerations that you or the seller may have. Date of possession is a negotiable item, with 3 to 5 days after closing being customary.

HOME INSPECTION, ENGINEER'S REPORT, STRUCTURAL INSPECTION
The standard contract gives you the right to have the property inspected by inspectors of your choice for the purpose of determining the condition of the property. This section sets forth the time frame in which this must be done and the various options available to you in the event that defects are found.

REMEDIES TO BUYER AND SELLER
The contract is very specific about remedies to each party if the other party is in default under the terms of the contract. This section details the circumstances under which your earnest money deposit will be returned to you and the circumstances under which your deposit can be retained.

ACCEPTANCE BY SELLER
If your offer is acceptable to the sellers the contract will be signed and a copy will be returned to you. If there are modifications desired by the seller, you will receive a counter offer. At that time, you must decide to accept these changes or continue with further negotiations. Negotiations for the purchase of real estate are carried out solely in writing and acceptance must be in writing.

MEETING DATES SET FORTH IN THE CONTRACT
Once the contract is accepted by all parties, it is the responsibility of each party to meet dates in the contract exactly. These include: loan application, loan approval, inspection, notice of unsatisfactory conditions by buyer, delivery of title insurance commitment and other documents, response to notice of unsatisfactory conditions and delivery of possession.


R E A L E S T A T E S P E C I A L I S T	RESOURCES
YOUR PURCHASE OFFER There are numerous details to consider when preparing your Contract to purchase your residence. I will carefully take you through the contract, explaining its contents and obtaining the information that is unique to your purchase. Once your offer is prepared and signed I will deliver it to the listing agent for presentation to the sellers. PURCHASE PRICE The contract contains the price that you are offering to pay for the property and specifically what will be included in the sale. The earnest money deposit, cash at closing and loan amount are the components of the purchase amount. EARNEST MONEY Your earnest money deposit accompanies the contract when it is presented to the Seller. It represents partial payment for the property and is held in the Listing Broker's escrow account on behalf of the Seller once the contract is approved by all parties. The earnest money can be cash, cashiers check or a personal check. I will advise you as to an appropriate amount. LOAN INFORMATION The amount and type of loan, the maximum interest rate you are willing to pay, your maximum monthly principal and interest payment and the maximum loan origination fee and discount points are included in this section of the contract. CASH AT CLOSING Subtracting the amounts of the loan and the earnest money deposit from the purchase price leaves the amount of additional cash to be paid as the down payment. In addition to this amount, you will be paying normal purchaser's closing expenses including the costs of obtaining your loan. I can give you a good idea of closing costs and your lender will give you a good faith estimate. DATES OF CLOSING AND POSSESSION The date for closing the sale takes into consideration the time required to get your loan approved plus any time considerations that you or the seller may have. Date of possession is a negotiable item, with 3 to 5 days after closing being customary. HOME INSPECTION, ENGINEER'S REPORT, STRUCTURAL INSPECTION The standard contract gives you the right to have the property inspected by inspectors of your choice for the purpose of determining the condition of the property. This section sets forth the time frame in which this must be done and the various options available to you in the event that defects are found. REMEDIES TO BUYER AND SELLER The contract is very specific about remedies to each party if the other party is in default under the terms of the contract. This section details the circumstances under which your earnest money deposit will be returned to you and the circumstances under which your deposit can be retained. ACCEPTANCE BY SELLER If your offer is acceptable to the sellers the contract will be signed and a copy will be returned to you. If there are modifications desired by the seller, you will receive a counter offer. At that time, you must decide to accept these changes or continue with further negotiations. Negotiations for the purchase of real estate are carried out solely in writing and acceptance must be in writing. MEETING DATES SET FORTH IN THE CONTRACT Once the contract is accepted by all parties, it is the responsibility of each party to meet dates in the contract exactly. These include: loan application, loan approval, inspection, notice of unsatisfactory conditions by buyer, delivery of title insurance commitment and other documents, response to notice of unsatisfactory conditions and delivery of possession.