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FAQ - Buyers

Who pays for inspections?

The buyer pays for most inspections including a professional home inspection, quantity well flow test, septic inspection, radon level and others. A seller typically does not pay for inspections since they are in the interest of the buyer other than what is required by the State of Oregon which includes testing well water for quality.


How does the realtor representing a buyer get paid?

The buyer’s agent is compensated by receiving a portion of the commission from the listing agent. As a buyer you will not pay a real estate commission unless you have a specific written “Buyer Broker Agreement” stating the amount you are paying to your agent.


What home can I afford?

This depends, of course, on your income and other final obligations. If you are planning on securing a mortgage, you will want to meet with a lender to get preapproved for a home loan. Mortgage Lenders


What Is home owner’s insurance?

Your mortgage lender requires you to have minimum insurance coverage to insure their investment and yours. One year prepaid home owner’s insurance, also known as an insurance binder, must be obtained prior to closing. The original copy of the policy and the paid receipt must be presented at or before closing. Many people choose to buy broader coverage than the minimum. You will want to investigate additional coverage with your insurance agent.


When do I arrange for utilities?

About one week before closing you will need to call the utility companies to have the gas, electric, water and sewer, garbage, telephone services, etc. turned on as of the closing date. The seller usually will have turned some utilities off by the closing date and you will want hot water, heat and electricity when you move in. I can provide you with a list of the utility companies you will need to contact.


When is the actual closing?

Closing is the act of transferring ownership of a property from the seller to the buyer. The title company or escrow agent will see to it that all terms and conditions of the transaction are met. Once all the conditions have been met by both parties and all contingencies are satisfied and verified by the escrow agent, the closing begins.


Before signing the final papers, I will notify you of the final dollar amount you will need to bring to the closing. The title company will provide me with these figures which I will review with you. The money must be in the form of a certified check, cashier’s check or bank draft. You typically sign your closing papers a day or two prior to the actual closing date.


What does an escrow officer do?

  • Accept and coordinate the flow of documents

  • Prepare a closing statement of entire transaction

  • Arrange recording of the deed and mortgage

  • Collect closing costs and down payment funds

  • Make sure all documents are signed correctly

  • Secure title insurance or title option


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