July 13, 2007

A typical real estate transaction

Filed under: Dave Heinrich — admin @ 9:36 am

I attended a closing (the final stage in a real estate transaction, when the seller receives the purchase money, the buyer receives the deed, and the title is transferred)

on Tuesday morning 7/10/07. The Seller, his real estate agent and closer from his Title company were there. I came as the real estate agent representing the Buyers, who were accompanied by the closer from their Title company. After reviewing and signing off on 30 to 40 minutes worth of paper work by both parties, the ritual of handing over the keys to the premises and garage door opener symbolically sealed the deal!

I never get over the excitement of helping someone finding their dream home by helping them work through the entire process. The Purchase Agreement was delivered on 6/5, followed by a counter offer to the price. The Buyers agreed to the price and asked the Seller to include the dining room table, chairs and two bar stools. Both parties agreed and signed, finalizing the new agreement on 6/8. The inspection took place on 6/13. Three issues came up that were negotiated; Two items were fixed by professionals and the other was taken care of by a $150 escrow fund paid by the Seller, which is set up by the Title company in order for the Buyer to make the purchase for the new item and receive a reimbursement. 

The Buyers plan on doing some painting and other decorating before they move in to their new, home sweet home.

Dave Heinrich

612-715-3300

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