Condition Removal: Now What?
Congratulations, you are on your way to owning your very own home! Follow these suggestions (and your Realtors's advice) so that closing and possession will go as smooth as possible.
You will be asked for a down payment on the home you are purchasing. You can choose to put down as much or as little as you want (depending on your mortgage), but remember, the more you put down toward the total price of your home, the less time it will take you to pay off and the less your mortgage payments will be every month.
This one is important: Do NOT go and spend a lot on your credit cards, the bank/lender may pull your credit a couple days before possession to make sure that your credit is still the same as when you got approved. If the bank notices anything crazy, there is a possibility that they will not fund your mortgage. So it's best to avoid this crazy mess!
The deposit check is held in a trust account. Assuming the sale goes through, this money will be applied to the purchase price of the home. If for any reason the sale is not consummated, you may be entitled to receive all of your deposit back, less standard cancellation fees. In certain instances, the seller may be able to retain this money as liquidated damages.
You've made it! Once the sale has closed, you're the proud owner of a new home. Congratulations!