Single Family PA

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

💡 TIPS:

Line 5: Earnest Money- typical amount is 1% of purchase price but can be more or less depending on buyer's wishes.

Line 38: Purchase price buyer is offering.

Line 48: Closing Date! Make sure you have this filled out with a date that the buyer is requesting to close on. Needs to be within a timeline their lender can accommodate.

Mortgage Financing:

If buyer DOES need financing continue through lines 52 through 157

Tips:

• Line 64- 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 143 - 146 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 183: Number of calendar days buyer has to have inspections performed on property- Day 1 is considered the day after final acceptance date.

Note: If buyer chooses 3 days it may be too short to get an inspector to the property.