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Escrow & Closing Costs - Q
& A
| Q: |
What
contingencies should be put in an offer? |
| A: |
Most
offers include two standard contingencies: a financing contingency,
which makes the sale dependent on the buyers' ability to obtain a loan
commitment from a lender, and an inspection contingency, which allows
buyers to have professionals inspect the property to their satisfaction.
A buyer could forfeit his or her deposit under certain circumstances,
such as backing out of the deal for a reason not stipulated in the
contract.
The purchase contract must include the seller?s responsibilities,
such things as passing clear title, maintaining the property in its
present condition until closing and making any agreed-upon repairs to
the property.
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|
| Q: |
Where do I
get information about closing costs? |
| A: |
For
more on closing costs, ask for the "Consumer?s Guide to Mortgage
Settlement Costs," Federal Reserve Bank of San Francisco, Public
Information Department, P.O. Box 7702, San Francisco, CA 94120 or call
(415) 974-2163. |
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Copyright 1999 Inman News Features
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