Buyer Questions to Ask?


Want it to Sell?  Call Kevin & Team

Does the seller have to disclose defects to the property?

Under Montana law Sellers are under no obligation to disclose defects to potential buyers, which is why it is critical that every buyer have a professional home inspection, pest inspection, and title search done during the due diligence/feasibility period of the contract. Buyers must ensure the contract allows a way out of the purchase of the home should there be any significant defects.


What is title insurance?

Title insurance protects against the risk of the buyer’s ownership being subject to the claims of another.  A few examples of such claims are: outstanding liens against the property; delinquent property taxes from prior to closing; forged deed or release instruments; incorrect property description in the deed.


Should I have a survey done?

Some Agents will usually recommend having a survey as it is useful to know exactly where the property lines or corners are.  A survey will also reveal if there are any encroachments over the boundary lines.  A survey of a standard residential lot currently costs $350.00 – $450.00, though large properties or acreage cost significantly more.


When will I get my deed showing proof of ownership?

Typically the deed is recorded by the Title Company same business day of closing. The clerk of court records it in the land records of the city and then returns it to the Title Company. This usually takes from three to six weeks. The Title Company mails it to the buyer, along with the title insurance policy. Beware! There are companies that solicit homeowners with an offer to sell them an “official copy” of the recorded deed shortly after closing, at a charge of around $85.00.


When I go to the settlement/closing, what will I need to bring?

Under the Patriot Act, it is required that you bring a government issued photo ID – usually a driver’s license.  You will also need to bring the funds the title office/Lender has told you that you need to bring. The funds must be wired to the Title office in advance of closing, or you may bring a cashier’s check from a local bank. If anyone is signing by a power of attorney, the original will also be required.


When should I get insurance?

As soon as a contract is signed by all parties, the buyer should begin shopping for homeowner’s insurance, which will cover general hazards, such as fire, theft, and vandalism.  The first year’s insurance premium will be collected at closing, so you typically do not have to pay the insurance premium prior to closing.


My spouse is military. Can I still go to closing if he/she is on deployment?

Yes.  Buyers can have the loan documents signed for them by giving someone a specific power of attorney.  The buyer’s lender should be consulted to determine if they require a specific form and to approve the power of attorney before it is signed. Sellers can likewise close by power of attorney.


How much time should I allow for my signing appointment?

Loan closings for a buyer usually take an hour to complete.  That is the time required to sign all of the lender’s documentation and have closing agent explain the import of each one, including, in particular, the settlement statement.


When do I get the keys to the property?  I am buying a condo.  How do I get the key to my mailbox?

The seller should deliver all keys and garage door openers to the settlement /closing agent at the time a signed deed to the property is delivered. The buyer gets the keys at the end of the closing, after all documents are signed and all monies have been paid. Usually condos do not have individual door delivery by the Post Office, but have a cluster of mailboxes set up for the neighborhood.


How soon do I know how much money I will need to pay at closing and can I use a personal check for my closing costs?

If you are getting a loan, federal guidelines require your lender to give you an estimate within three days of your loan application. The exact final figure can usually be given the day before settlement/closing by your closing agent, though in some instances it might not be available until the actual day of settlement.


Who sets the date for settlement?

Usually the settlement/closing date and time is set by mutual agreement once the loan documents are made available by the lender to the closing agent. The date cannot be before the buyer has made a final walk through of the property. Usually the buyer’s real estate agent initiates the scheduling discussion to see that all parties agree.


How Important Is The Contract To Sell Or Purchase Real Estate?

No document is more important than the contract.  It governs the whole transaction.  Anything not stated in the contract is, for practical purposes, not part of the deal.  Under law you are entitled to the benefit of your bargain (as written in the contract). If you want something more, you have to get the other party to agree.


Remember To Contact Us Fore More Information 406-871-7200 or info@soldbycrown.com


One Top thing that can go wrong with closing?

 Walkthrough – you go to do your walkthrough before closing to make sure that everything is as it was when you signed the purchase agreement and any items that you asked to be repaired have been repaired. You get there and find out the stove doesn’t work, the seller took the refrigerator that they agreed to sell and none of the repairs we done.


Good to know: Email Correspondence Could Be Binding!

Today’s modern and busy world it is safe to say that most of the correspondence between Client and Realtor is through email. For example, your client has placed an offer on a house, negotiated the financing options and emailed you as the agent for a status update.


I’m ready to buy my first investment property…what should I be looking for?

First you have to remember that real estate is similar to the stock market (although I believe a much safer investment than stocks) – you cannot predict what the market will do. But you can try to buy the best house in the neighborhood – so that when it is time to sell, no matter what the market is, your home is most desirable!


We decided to buy a new construction home, what should we spend our upgrades on?

We’ve decided to buy a new construction home. Now we need to decide what upgrades will be the best value for us? Upgrades tend to be money makers for builders. They are not made to give the home any extra value, but to make you love the home more than you already do! When deciding on upgrades, you need to decide what your long term goal for the home is.


I’m trying to decide on buying an older home in an established neighborhood or new construction…what do you suggest?

This question really depends on what values the neighborhood holds. Does the older home have everything you are looking for? Are you overpaying for new construction? These are all questions that you need to ask yourself. When looking at an older home, you are able to do more research on the neighborhood and see how the homes have held their value. If you plan to resell the house one day, this will be important to you.


I drove by a house I LOVE and I want to see it now – why do I have to be pre-approved to look at it?

Did you find a house you just had to see right this minute, called our office only to be told that you need to be pre-approved to see the house? Why? Most sellers only allow us to bring qualified buyers in their homes. We advise our sellers to only allow preapproved buyers to see their home. It takes a lot of work on the seller’s part for a home to be shown.


Should I get a home inspection?

Many buyers ask, why should I get a home inspection? The home was recently painted, has all new appliances, all new carpet and flooring…it even has fresh flowers on the foyer table. It looks like a beautiful place to live…what could be wrong? This is the age old question that our buyer’s agents get asked every day.


I found a house…now what???

You’ve found the house of your dreams and your contract has been accepted! Once the excitement starts to wear off, questions start running through your mind. What happens next? Are we missing anything?  Crown Real Estate Group will help walk you through the steps from contract to closing!


Crown Real Estate Group / The Future of Real Estate 

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