STEP 7: OFFER TO PURCHASE
An offer to purchase is a legal document describing, in specific language, the terms under which you want to purchase a home. This includes the purchase price, the date by which you want to complete the purchase, your desired mortgage interest rate and terms, whether you want to have the home inspected prior to purchase, etc.
PUTTING TOGETHER THE OFFER TO PURCHASE
When you purchase a home from Cape Fear Housing Land Trust we have an offer to purchase form that includes the different terms and conditions that work for you. We also include something called the Addendum to Offer to Purchase that lists out some items that are unique to a Land Trust purchase.
When you are ready to submit an offer to purchase, Land Trust staff will sit down with you, go over all the forms, and make sure that you fully understand what is involved in submitting an offer to purchase.
MEET WITH YOUR ATTORNEY
Despite our best efforts - there is still quite a lot of paperwork involved in purchasing your first home. For a Community Land Trust home there is the ground lease, which governs the lease of the land to the homeowner. There are loan documents, which explain the financing terms. There are closing documents as well, such as the deed, which gives the buyer title to the house. Due to the volume and complexity of these documents, we always require our homebuyers to retain an attorney prior to closing to review these documents and answer any questions you might have.
Cape Fear Housing Land Trust has put together a referral list of attorneys who are well-versed in Community Land Trust transactions. Please click here to contact the Land Trust for further details.