Homebuyers Jargon From The Salt Lake City MoversMany people are in the market to buy homes these days because there are some great bargains in virtually every city and since rents are going up it makes even more sense for some. If you found your dream home and have a down payment, it’s probably worth it for you to become a homeowner this year. There’s definitely less inventory on the market so moving fast becomes important.
If you’re already well on your way to becoming a homeowner, we’re sure you’ve encountered a few words here and there that you didn’t and may still not understand. There’s a lot of paperwork to go over, contracts to sign and knowledge is empowering when it’s time to buy your home. You might encounter the term buyer cost sheet. Even though it’s not part of the actual purchase contract, it’s still important. This is also called the cash to close. It’s typically generated by a lender but sometimes given by the realtor. It has to include everything your responsible for paying when you buy the home. The Salt Lake City moving specialists learned that these items may include inspection fees, appraisal fees, transfer fees, the down payment, closing costs and maybe even prepaid items like the property taxes.
Contingency is another term you might encounter as a homebuyer. This is the clause in a contract that sets conditions under which the contract can be voided and the deposit returned to the buyer. The Salt Lake City movers remind you that this is especially important when buying condo units because there will be a condo association involved. So the contingency would be based on the review of the association.
Disclosure and disclaimer will also become part of your vocabulary when you’re in the process of buying a home. Every state has its own rules about what should be disclosed to potential buyers. For example, in the state of California sellers have to disclose if their area is prone to fires or if it’s in an earthquake fault zone. In some states, it’s not just the kind of disclosures that differ but also who has to make the disclosure. For example, in Ohio, only sellers who live in the property have to disclose things that might affect the buyer. The All My Sons of Salt Lake City learned that estate sales and investors are not required to do so.
If you’re almost finished with the homebuying process, remember the Salt Lake City movers when you’re ready for moving day. All My Sons of Salt Lake City has experience in residential moves, commercial moves, even auto moves. With the local Salt Lake City movers, you can expect stress-free moving services.