"The HOME TEAM with winning results"
Making an Offer
When you select your new home, we will communicate with the selling party by means of a written offer. When an offer is accepted between the buyer and seller, it becomes a legal contract. In Utah, we use contract forms approved by the Utah Real Estate Commission called the Real Estate Purchase Contract or “REPC” for short. The following information is required when filling out the REPC.
YOUR NAME: How you will take title to the property.
THE AMOUNT OF EARNEST MONEY DEPOSIT: Generally, the amount is negotiable; however, the range of acceptable deposit is usually between 1% and 5% of the purchase price. A personal check will be acceptable.
YOUR OFFERING PRICE: Following the offering price are statements concerning your loan arrangements and your agreement to pay for an appraisal of the home.
INCLUSIONS/EXCLUSIONS: Items to be included with and excluded from the home.
TITLE INSURANCE: In Utah, this item usually is paid for by the seller; however, your lender will require a Lenders Title Policy which is paid for by you, the buyer.
DATE FOR SETTLEMENT: Settlement is when all of the final documents are signed. Closing occurs a few days later when the deed is recorded. If you will be using equity from the sale of your current home, the closing dates of each transaction can easily be set. Equity is not always available at the time of settlement, but follows by a few days after the deed is recorded. Other factors affecting the date of closing are the length of time the lender needs to approve your loan, and the date the seller agrees to give possession.
DATE OF POSSESSION: Although the possession date is a negotiable item between you and the seller, during the offer and acceptance stages of the contract it is customary for possession to be delivered at or soon after closing.
SIGNATURES: In Utah, an offer and acceptance must be signed by ALL PARTIES to the agreement before a contract is consummated.