ESCROW & CLOSING COSTS

What contingencies should be put in an offer?
Where do I get information about closing costs?

 

What contingencies should be put in an offer? [back to top]

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 sellers 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.

 

Where do I get information about closing costs? [back to top]

For more on closing costs, ask for the "Consumers Guide to Mortgage Settlement Costs," Federal Citizen Information Center, Pueblo, CO 81009; (888) 878-3256; pueblo.gsa.gov.

Lou Ann Brannan
Lou Ann Brannan
1250 West Main Street Meriden CT 06451