Successful Steps to Buying Your Home!

1. Buyer begins loan process, exploring financing options

2. Buyer views and selects property

3. Buyer and seller reach contractual agreement, buyer’s option check delivered to seller

4. Buyer’s earnest money is deposited in a trust account with the title company

5. Title company receives contract and earnest money check is cashed and:

• begins search on title
• issues title commitment to lender

6. Buyer’s option period begins and inspections/repairs/amendments are initiated

7. Buyer arranges required insurance on property

8. Coordinate expiration of buyer’s option period

9. Buyer continues loan process with lender:

• appraisal ordered
• all buyer verifications processed
• verify any lender repair requirements to property
• verify any buyer requirements of lender
• prepare buyer’s loan package for final approval by lender
• closing department prepares buyer’s papers for closing

10. Survey ordered for property

11. Verify any re-inspections required by lender

12. Title company follows up to buyer and seller:

• title company receives instructions/prepares papers from lender
• title company coordinates and prepares additional closing papers
• title company coordinates and closes the sale
• disbursement of funds per closing instructions
• proper filing of closing documents

13. Possession is given to buyer upon closing and funding

Tweet This Post