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Frequently
Asked Questions
Selling
Your Home - Q & A
Escrow & Closing Costs
Q.
What contingencies should be put in an offer?
A.
Most offers include two standard contingencies: a financing contingency,
which makes the sale dependent on the buyers' ability to obtain
a loan commitment from a lender, and an inspection contingency,
which allows buyers to have professionals inspect the property
to their satisfaction.
A buyer could
forfeit his or her deposit under certain circumstances, such as
backing out of the deal for a reason not stipulated in the contract.
The purchase
contract must include the seller?s responsibilities, such things
as passing clear title, maintaining the property in its present
condition until closing and making any agreed-upon repairs to
the property.
Q.
Where do I get information about closing costs?
A.
For more on closing costs, ask for the "Consumer?s Guide to Mortgage
Settlement Costs," Federal Reserve Bank of San Francisco, Public
Information Department, P.O. Box 7702, San Francisco, CA 94120
or call (415) 974-2163.
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