A. Due diligence is a negotiated period for inspections, document review, and decision-making. Buyers pay a fee directly to the seller for this right. If they terminate during that period, they lose the fee and typically recover earnest money.
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A. The buyer pays the fee to the seller at contract signing. It compensates the seller for time off market and is credited at closing if the sale completes.
A. No, not if the buyer cancels within the due diligence window. If the sale closes, that fee is credited at settlement.
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A. Sellers may still offer compensation, but it is not guaranteed. If none is offered, the agent is paid per a buyer agency agreement - flat fee, hourly, or percentage.
A. Often 30 to 45 days from accepted offer to closing, depending on inspections, appraisal, and financing.
A. Yes. It protects you from hidden issues and lets you negotiate repairs or credits.
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A. Permanently attached items are generally included unless excluded in the contract. Personal property is included only if negotiated.
A. Yes within the due diligence period, but you forfeit the due diligence fee. After that date, earnest money can also be at risk.
A. Inspection evaluates condition for the buyer. Appraisal estimates value for the lender.
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A. Options include renegotiation, paying the difference, requesting reconsideration, or cancelling if allowed by contract.
A. Yes. Radon can dissolve into groundwater and release into indoor air during use.
A. Protection from losses due to defects in title not found during search. Buyer usually has an owner policy and lender policy.
A. Not required but smart - confirms boundaries, shows encroachments and easements.
A. Rushing or skipping due diligence items. Use the period fully and wisely.
A. Pre-qualification is an estimate. Pre-approval is verified and stronger with sellers.
A. Often 3 to 5 percent for conventional, 3.5 percent for FHA. Plan for closing costs too.
A. Insurance when down payment is under 20 percent on most conventional loans. Can be removed after sufficient equity.
A. Yes - single premium at closing, remove later at 20 percent equity, or lender-paid PMI with a slightly higher rate.
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A. Bi-weekly can create one extra payment per year and save interest - confirm your lender supports it.
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A. Yes - apply to principal to reduce term and interest.
A. Typically 2 to 4 percent of the purchase price - lender fees, appraisal, title, attorney, and prepaids.
A. Yes - via seller concessions within program limits. Align with your lender and agent.
A. Possibly - if allowed by lender and within contribution limits.
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A. Not automatically - taxes are based on county revaluation and annual rate. Closing prorates current year taxes.
A. Conventional, commercial, private, or seller-financed can work - the key is that the same owner entity sells and buys.
A. Most construction or systems work requires permits. Some small projects under state thresholds may have exemptions. Always verify locally.
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A. Look for expertise, communication, negotiation strength, and a client-first approach. Verify track record and fit.