When you place, or accept an offer on a home during a real estate transaction what you are doing is entering into a legally binding contract. Due to the fact that this contract is legally binding, it is wise to hire an experienced, residential real estate broker or in some states, a real estate attorney. These professionals will be able to write and/or review purchase agreements, mortgage documents, title documents and transfer documents. They also often handle a closing on a purchase.
The time period between initially accepting the offer and closing on a home in Wisconsin is typically 30 – 45 days. We encourage home inspections to be completed within the first 21 days of an accepted offer. If defects are found the broker or attorney will review the inspection report and draft the necessary documents which ask to seller to make any repairs or to provide credit upon closing.
Stay tuned to our blog next month where we’ll cover what to expect during an inspection! As always, we remind you to choose your team of real estate professionals wisely. For more information or if you would like us to refer you to an experienced broker, please contact us!