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Kravitz & Guerra

Physical Address: 905 Brickell Bay Dr., Lobby, Miami FL 33131 - USA

Mailing Address: 801 Brickell Bay Dr., Business Box 18, Miami FL 33131 - USA

brickell avenue condos - Six Major Terms Related to a Property Closing

There are numerous terms related to the home-buying process and potential buyers should become aware of them in advance. When you decide to buy a property, it is important to hire the right title company which will guide you through all important steps of the closing process.

Earnest money. A home buying process starts with an earnest money deposit, which is equal to around 3% of the property value. Through earnest money, a buyer demonstrates his/her commitment to buy a property.

Contingency is just an extra step that the buyer needs to undertake in order to keep the process going forward. Examples of contingencies are a home inspection or a loan approval. The benefit of contingences is that they provide buyers with the option to exit the sale process, in case they identify a problem.

Escrow – An escrow is a secure account which holds important assets, such as funds, documents and contracts, until the sale gets closed, and the property is transferred to the buyer.

Possession Date – The date when the buyer(s) can officially move into their home. The more flexible a possession date it, the faster your property might be sold.

Settlement date – Also known as the closing date, a settlement date is the official date when all parties get together to make the sale official.

Home warranty – A home warranty, which typically ranges between $300 and $600,  is a policy that covers the cost of home’s appliances repair in case they break down.

For clarification of terms involved in the process and the execution of a smooth transaction, contact us at +1.305.372.0222 and/or [email protected]

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