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Tips For Buyers

  1. When writing an offer to purchase a property, you will generally need to include a personal check, cashier’s check or cash (know as an earnest money deposit). This represents your sincerity in the attempt to purchase and is totally refundable IF the offer is not accepted. An earnest money deposit of at least $1,000 is usually required. As a general rule, 1% of the total purchase price is common. This money is generally kept in the trust account of the real estate brokerage and is not turned over to the Seller. It is transferred to the title company at closing as a CREDIT to your purchase.
  2. Once the purchase agreement has been accepted by the Seller, a lending institution will be contacted to process a new loan. We have many recommended lenders. They are posted on our web site in the Preferred Lender Section. They offer the most favorable financing terms and have a level of customer service which we require in serving our clients.
  3. The loan officer will ask you to fill out an application.
    • If applying for a ANY loan, bring your past 2 years tax returns, 3 bank statements, at least 3 pay stubs from your employer, your drivers license and Social Security card.
    • If you have a pending sale on your present home, bring a copy of the contract, and estimated proceeds from the sale.
    • If rental property is owned, furnish a copy of the lease.
    • If self-employed, bring federal tax return, profit and loss statement and balance sheet for the last 2 years
    • If applying for a VA loan, please bring a copy of your DD-214, Discharge Papers, or VA certificate of eligibility.
    • Alimony and child support information (divorce decree for verification) may be required.
    • If a relocation firm has purchased your home, bring a copy of the contract and equity statement.
    • Be prepared to account for the source of funds of your down payment and closing costs.
  4. Closing will take place at a title company. This is an arrangement in which a disinterested third party (title company) holds legal documents and funds on your behalf of Buyer and Seller, and distributes them according to the Buyer’s and Seller’s instructions.
  5. You will be asked to name an insurance agent as a policy will be necessary to implement prior to closing.
  6. The closing title company will provide an approximate dollar amount that you will need to bring with you prior to or at closing. These funds, if paid by check, should be a CASHIER’S CHECK payable to the title company name. Personal checks will not be accepted.
  7. If you plan to close by mail, please be sure to allow plenty of time to mail all documents so they arrive at the title company before closing is to occur.
  8. Before moving in, be sure the utility company has been notified and deposits made, if necessary. Go to the Utility Services on our web site for a list of companies and download their applications.
  9. Don’t forget the telephone company. Sometimes it takes several days for hook up service.
  10. In Utah, SETTLEMENT AND CLOSING ARE 2 DIFFERENT EVENTS ON 2 DIFFERENT DAYS. When all the necessary papers have been signed and the monies received, the documents are recorded. The day papers are signed constitutes SETTLEMENT. The time the closing officer makes the necessary disbursements and records all of the documents at the County Recorders office is considered CLOSING. This is when title and ownership has changed hands.

This page contains information about Houses for Sale, Real Estate and Tips for Buyers in the Saint George, Utah area. This information is also applicable for Cedar City and Washington, Utah.