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My Offer is Accepted – Now What? Buyer Due Diligence and Inspection

Congratulations on having your offer accepted! This marks an exciting milestone in your journey toward owning your dream home. As you move forward in the buying process, there are crucial steps to take to ensure that your investment is secure and that you’re well-informed about the property you’re purchasing. Let’s delve into what comes next: your/buyer due diligence!

Initial deposit

  • Your deposit demonstrates your commitment to the purchase.
  • Your real estate agent will obtain wiring instructions from the listing agent for you to make the deposit.
  • Once the deposit is submitted, your agent will proceed to schedule the inspection, a pivotal step in the due diligence process.
Buyer due diligence

Home inspection

  • Remember to bring your checkbook to the inspection to pay the inspector.
  • Take the opportunity to learn as much as you can about your potential new home during the inspection.
  • The inspector will identify any issues with the property, empowering you to negotiate repairs or adjustments with the seller.
  • Work closely with your agent to strategize and submit requests for repairs or adjustments as needed.
  • Keep the inspection report confidential, as it contains sensitive information about the property.
  • Prior to closing, ensure the liquidation of the Purchase and Sale (P&S) deposit, a significant step towards finalizing the transaction.
Buyer due diligence

Due diligence

  • Thoroughly review the condominium documents and disclosures provided.
  • Discuss any rules or restrictions applicable to the property with your agent (e.g. the ability to install an EV charger or the types of animals allowed)¬†
  • Review the title report with a title representative and your agent to identify any easements or liens on the property.
  • Additionally, review the Title V report for septic systems and the Title I report for water quality.
  • If the property is leased, carefully examine the lease agreements to understand the terms and conditions.

As you navigate through the buyer due diligence and inspection process, stay vigilant and proactive in addressing any concerns that may arise. Your thorough assessment of the property and clear communication with your agent will help ensure a smooth and successful closing, bringing you one step closer to homeownership.

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