So, you're nearing the end of your journey toward home ownership at the beautiful Delaware beaches. It's been a long one, for sure, and you're excited that the finish line is now in full view.
But the question we're going to tackle today is - what do you do now?
After months of searching, you've found the home of your dreams, you've made an offer and the owners' have accepted. That's fantastic!
The work is not done, however. But there is good news - if you bought a home with us here at the Oldfather Group of Ocean Atlantic Sotheby's International Realty, we have a unique and specially trained client care team that will help you navigate the rest of the often complicated process.
Today, we want to go over a few of the things you're going to encounter between the accepted offer and actually sitting down at the contract table and receiving the keys for your new home.
Keep in mind that these are merely some of the bigger issues you'll need to address; it's not, in any way, meant to be a comprehensive list.
But it will give you a good idea of what's down the road. Okay, let's jump right into it...
- Inspections. There will be a home inspection and it will cost you some money (usually between $300 and $500), but keep in mind that this is to protect you in what is likely the largest purchase of your life. Inspectors search for a number of things during this process, and if any issues are found, they'll need to be addressed between you and the owner. Issues can be negotiable and can be worked out in any number of ways, from the owner simply fixing the problem to, if the issue is large enough, you backing out of the contract.
- DUCIOA Costs. The rules of the Delaware Uniform Common Interest Ownership Act, or DUCIOA, comes into play if you're buying a home within a planned community. These fees are often initially paid by the seller, but not always. The Oldfather Group team will help you navigate this issue during the closing process.
- Transfer Taxes. This will likely be the biggest portion of your closing costs (2 percent of the selling price of the home), but there's really nothing you need to do other than pay the fee to the state of Delaware. If you want to know more about what these taxes are and how the money is used, you can read our previous blog entry by clicking on the image below.
- Septic Issues. The Delaware Department of Natural Resources and Environmental Control (DNREC) changed the laws and regulations regarding individual septic systems a few years ago, and these new regulations could come into play during your closing process. If they do, we'll be here to help you figure out your next move. A septic inspection generally costs a few hundred dollars to perform.
- Attorney Costs. You will definitely want a qualified attorney on your side during the closing process. In fact, Delaware law requires an attorney licensed to practice in the First State to be present at the closing table. This practice began in 2000 after a ruling by the Delaware Supreme Court and is designed to protect the buyer from unscrupulous activity.
So, those are some of the larger issues you'll likely face during the closing process, but just think of what awaits you at the end of the road.
If you're searching for a home here in the coastal region, or have any further questions regarding local real estate that we can answer for you, please give us a ring at 302-260-2000.
For years, we've been ranked as one of the top real estate firms in southern Delaware, and we'd love nothing more than to welcome you into the always growing Oldfather Group family.
Have a great day!