Episode 11 – First Home Buying – Part 2

In this episode Eden explains the process of finding the right Real Estate agent, making an offer, finding a real estate lawyer, finalizing the purchase and closing day.

Finding the right real estate agent
One of the first steps will be to interview a few real-estate agents before choosing one. You have to be really comfortable with the person and know they’re the right one to guide you through your purchase as you face a lot of pressure and decisions. Ask what you can expect so you’ll know they’re communicating in a way that makes you comfortable enough to ask questions and discuss things as they are happening.

Real estate lawyer
It’s important to hire a lawyer who specializes in real estate. You could find yourself in a bidding war for the home you want, and it doesn’t hurt to have a lawyer look over any offer to purchase before you submit it. A real estate lawyer will also conduct a title search and check for outstanding taxes and liens on the property.

Make the Offer
Your agent presents the offer to the seller. This document includes the price, conditions, deposit and closing date. The seller either accepts, rejects or counters the offer (also called “signing back” the offer).

Finalizing the deal
Finalizing the deal will include the final approval of your mortgage, a meeting with your lawyer to finalize details like insurance and conditions, and the results of a title search. If you rent, you must give your landlord notice.

Closing day
Closing day is the day you legally get possession of the house. Your lawyer completes the paperwork (so the home is in your name), payments are finalized and you receive the deed and the keys.

To Contact:
Eden K. Tewelde

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