New Construction PA

*Highlighted sections should to be completed in a PA Conventional Financing.

💡 TIPS:

Line 7: Earnest Money- typical amount is 1% of purchase price but can be more or less depending on buyer's wishes.

Line 28: Purchase price buyer is offering.

Line 39: Closing Date! Make sure you have this filled out with a date that the buyer is requesting to close on.

Mortgage Financing:

If buyer is needing to finance the purchase then see lines 43 check IS if buyer doesn't need to finance check IS NOT

If buyer DOES need financing continue through lines 47 through 148

Tips:

• Line 57 - typically 15 or 30 years (standard loan terms) and % is based on where current rates are at per buyer's lender. (Check with buyer's lender)

• If buyer is using VA funding- talk with buyer's lender regarding lines 135- 138 for funding fee information.

• If client is using conventional financing- you may want to include an appraisal escape clause so that the buyer will get their earnest money back if the home doesn't appraise for purchase price.

Inspections:

Line 177: Number of calendar days buyer has to have inspections performed on property- Day 1 is considered the day after final acceptance date.