Fnma Sales Contract Requirements
When it comes to buying a house, there are many steps that need to be taken before the sale can be officially closed. One important step is the sales contract, which outlines the terms and conditions of the sale.
If you`re buying a house that is backed by the Federal National Mortgage Association (FNMA), also known as Fannie Mae, there are specific requirements that must be met in the sales contract. These requirements are in place to protect both the buyer and the lender.
Here are some of the key requirements that must be included in an FNMA sales contract:
1. Purchase price: The sales contract must include the agreed-upon purchase price of the property. This is the amount that the buyer will pay for the house.
2. Deposit amount: The contract must specify the amount of money that the buyer will deposit into escrow as a down payment. This is typically a percentage of the purchase price.
3. Closing date: The contract should include the date by which the sale must close. This is the date on which the buyer will take possession of the property.
4. Contingencies: The contract may include contingencies that allow the buyer to back out of the sale if certain conditions are not met. For example, if the buyer is unable to obtain financing, they may be able to cancel the sale without penalty.
5. Title and deed requirements: The contract must specify that the property being sold has a clear title and that the seller has the right to sell it. The contract should also outline the specific type of deed that will be used to transfer ownership of the property.
6. Inspection requirements: The contract may require that the property be inspected by a professional before the sale is finalized. This helps to ensure that the property is in good condition and that the buyer is not purchasing a home with hidden problems.
7. Property condition requirements: The contract should specify the condition of the property at the time of sale. This includes any repairs or improvements that the seller has agreed to make before the sale is final.
In addition to these requirements, there may be additional requirements specific to the FNMA loan program. For example, if the buyer is using an FNMA loan to purchase the property, there may be additional disclosures or documentation required.
If you`re buying a house backed by FNMA, it`s important to work with a real estate agent or attorney who is familiar with the specific requirements of the sales contract. This will help to ensure that the sale goes smoothly and that all parties are protected.