The 10 Day Period
Continued

Besides being the timeframe that you have to get the property inspected, there are several other things that need to be done also during the 10 Day Period:

Submit a Mortgage Application - You are pre-approved for a mortgage, but chances are you have not filled out an actual application, which is typically only done when you have an accepted offer. Most offers and P&S's stipulated that you MUST submit an application within the 10 day period, or you risk losing your deposit.

Arrange for the 2nd Deposit - At the time you sign the P&S you will typically give the 2nd deposit that was agreed upon in the offer. This deposit must usually be made by a bank or certified check. If your deposit money is coming from a retirement account such as an IRA or 401K, make arrangements to transfer the funds as soon as your offer is accepted because it can take several days to get your hands on the money.

Review & Sign Purchase & Sale Agreement (P&S) - The P&S is a contract that contains all the dates that are in your original offer, and goes into more details about the transaction. Typically around 5 or 6 pages long, it contains the legal description of the property, what appliances are included, financing contingency information, buyer and seller responsibilities, any other conditions that were agreed upon, and a whole lot of legal mumbo jumbo. It may also contain an addendum that was provided by the seller's and/or buyer's attorney.

As a homebuyer, you should have an attorney review the Purchase & Sale before you sign it. After all, a home is probably the largest purchase you will make in your lifetime, so spending a couple hundred dollars to help protect that purchase is wise. Besides, in many cases you can get the closing attorney (who will paid out of your closing costs) to represent you at no additional charge.

NEXT STEP: FINAL STEPS & CLOSING - YOUR ON YOUR WAY HOME!