We met with our lawyer last night at the South Street Seaport. He has an incredible office on Fulton street and then we understood exactly why he is charging us so much money 🙂
The seller’s attorney and our attorney have been sending the contract back and forth since Monday. Their attorney adds a stipulation, ours removes it. Our attorney includes a rider, theirs reviews it. Until finally, the numbers all add up, the names are spelled correctly and buyer and seller are happy with the clause they are about to sign.
After about an hour of discussing major points in the contract, we put the pen to paper and signed it. We are now “in contract”. In addition to our John Hancock’s, we wrote out a check for the down payment.
There is still quite some way to go here. We have to do a termite inspection of the house and the bank has to send their OWN inspector to determine its condition and assess its worth. Based on the banks inspection, they will come up with a number to let us know what they think its worth. If it’s the same or more than the agreed upon price, we should be approved for the mortgage without a problem. If its significantly below, then we have a problem. We either re-negotiate the price of the home to match the number the bank found or the seller can walk away at this point and work with someone else. Lot’s of factors here and still a road ahead!