Real estate customs and regulations vary by state. Below is a brief explanation of the home-buying process in Pennsylvania. As your Prudential Fox & Roach real estate specialist will be glad to answer your questions and help the process run smoothly
In Pennsylvania, when you make an offer to purchase a property, you will complete an Agreement of Sale form and put down a deposit—usually a percentage of the purchase price. The listing broker will hold the check in escrow. Customary provisions in the Agreement of Sale include:
- Mortgage Loan Contingency
- Home/Property Inspections (at the buyer’s expense)
- Adjustments and Prorations of taxes, rents and interest, if applicable
- Title Conveyance
Once the seller signs the agreement, it becomes a binding contract. (Often referred to as an Executed Agreement) Next, you’ll apply for a mortgage loan, title insurance and appropriate property insurance. Trident’s One-Stop Shopping makes it easy to arrange for everything you'll need under one roof.
After you receive a mortgage commitment, you can get ready for settlement. If it’s stipulated in the agreement, you may inspect the property 24 to 48 hours before closing. Utility companies must be notified to change billing from seller to buyer. Our FREE HOMEssentials start-up services make it easy.
The closing, or settlement, takes place to complete the transfer of title, loan documentation and cash settlement. It is usually held at the office of the buyer’s title company, real estate company, lending institution or attorney. The title officer usually conducts the meeting. The closing officer records pertinent documents at the county courthouse.
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