Real estate customs and regulations vary by state. Below is a brief explanation of the home-buying process in Delaware. As your Prudential Fox & Roach real estate specialist will be glad to answer your questions and help the process run smoothly.
In Delaware, 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, and fuel oil, if applicable
- Title Conveyance
Next, you’ll apply for a mortgage loan and appropriate property insurance. Trident’s One-Stop Shopping makes it easy to arrange for everything you need under one roof. Your attorney contracts with a title insurance company and performs a title search, and the title company issues a commitment or report of title.
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 attorney, real estate company or lending institution. The attorney usually conducts the meeting and records the pertinent documents at the county courthouse.
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