Closing a Real Estate Deal
Intermediate English listening exercise ยท Closing Deals
Transcript
Agent: I have great news. The sellers have accepted your offer of four hundred and twenty-five thousand dollars for the property on Maple Street. Buyer: That is wonderful! What happens next? Agent: First, you will need to provide the earnest money deposit, which is typically two percent of the purchase price, so that would be eight thousand five hundred dollars. Buyer: When is that due? Agent: Within three business days. Then we schedule the home inspection, which usually takes about a week. Buyer: And after the inspection? Agent: If everything looks good, we move to the appraisal and finalize the mortgage with your lender. The closing date is set for April thirtieth, which gives us about six weeks. Buyer: That sounds manageable. Agent: At closing, you will sign the final paperwork and receive the keys. Congratulations on your new home!
Comprehension questions
- What is the purchase price?
- What percentage is the earnest money deposit?
- What is the address of the property being discussed?
- What is the closing date for the property?