Contracts when buying a home are complicated and filled with legal jargon and there is a LOT to read over and sign. No one expects a buyer or seller to know everything in the forms! But- that being said- here are a few things to check for when you are closing to make sure that all the i’s have been dotted and perhaps catch a few common mistakes!
-Mistake 1-
You (the buyer) are able to ask for the seller to pay for a home warranty. This is a pretty common practice. There’s a box that says the buyer is picking it and seller is paying for it OR the seller is paying for it and the buyer is picking it. Just make sure the right box has been checked, as this box is sometimes market incorrectly.
-Mistake 2-HOA transfer fee. Sometimes, the buyer isn’t aware that this fee can be hefty when they are doing negotiating, so they don’t ask the seller to pay for it. When filling out an HOA transfer fee, it can be up to .5% of the purchase price of the home-that could be up to $15,000 on a $300,000 home! Make sure that the seller is paying for it- and if not, make sure that you are comfortable covering it yourself!
-Mistake 3-NOT closing at the end of the month. You want to close at the end of the month because you pay daily interest, so if you close in the middle of the month, it costs you more money. Plus, you’re likely paying rent somewhere else, which is typically from the beginning to the end of the month, so if you can avoid paying rent in the period what you own your home, do it!
