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Closing or Settlement >Real Estate Repairs
In most real estate transactions there are a few responsibilities that the sellers need to handle before the closing, such as repairs and termite extermination. The deadline for completing these obligations usually coincides with the actual closing. Many sellers barely make that deadline. Those who wait until the last minute to handle these matters may miss the deadline altogether or pay high rates in order to get a plumber, roofer or electrician on an emergency basis.
Your buyers will probably get a structural inspection done after the contract is ratified. Within 10 days of the contract's acceptance by all parties, the pest inspection should be scheduled. Even though sellers usually know well in advance what is needed, they sometimes put things off until the buyers have finalized the loan approval process. Since these repairs will have to be made anyway, it is a good idea to get them done promptly.
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What mortgage transactions between borrowers and lending institutions operate in the private sector of the economy?
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Conventional mortgages are private sector transactions that are not insured or guaranteed by the government. |
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The Turleys
Keller Williams Premiere Properties
45 S. Park Blvd, Suite 300
Glen Ellyn, IL 60137
630-790-3100
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