Step 6: Purchasing the Home
Meet with KulshanCLT staff to sign your Purchase and Sale Agreement (PSA). KulshanCLT staff will walk you through the pre-closing process, review the Ground Lease with you, and ensure you are prepared to get to the closing table.
Ask your lender to initiate your Loan Application.
Order a home inspection (if applicable). KulshanCLT strongly recommends that all buyers order their own inspection report and review it carefully. Often, buyers are allowed under their PSA to walk away from a home without penalty if the inspection report reveals serious issues with the property.
Review the title report. You will receive a title report from the title company. KulshanCLT staff can help you understand and interpret this report and help ensure you are comfortable with its contents.
Get acquainted with your HOA documents (if applicable). For homes that are situated in an HOA, now is a good time to review HOA bylaws, rules and regulations to ensure you are comfortable and familiar with the structure and fees.
Shop for homeowners’ insurance. You can choose your own insurance provider. KulshanCLT staff will provide guidance on minimum policy coverages required under the Ground Lease.
Review your CLT Ground Lease with an attorney. KulshanCLT can provide you with a referral to an attorney familiar with the Ground Lease. This is your opportunity to ask questions about this critically important legal agreement with KulshanCLT, which is signed at closing.
Complete your Pre-Purchase Counseling Session with KulshanCLT. KulshanCLT will schedule a no-cost counseling session with you to review your home’s costs against your household budget and provide guidance on saving for repairs and other emergencies.
Schedule a signing appointment with the title company. KulshanCLT staff will help coordinate this step when all parties, including your lender and any subsidy providers, are ready to close the home purchase.
Signing and Receiving your Keys. In this step, you’ll attend your scheduled signing appointment with KulshanCLT and a representative from the title company. Remember to bring any down payment funds you will be contributing to the purchase and your photo ID. Once your purchase is fully closed and funded, we do the key exchange.
Congratulations on your new home!