19 Steps To The Home Purchasing Process
-
Choosing your Real Estate Agent.
-
Choosing your lender (know about different types of mortgage loans and pre-qualification).
-
Selecting your home (determine the type, the price, and the location).
-
The Offer (once you have found the property make a written offer through your real estate agent).
-
The escrow process (when you have reached an agreement with the seller, the initial good-faith deposit is given to an
escrow representative, and the process begins).
-
The mortgage loan (a mortgage loan is requested, filling out the appropriate forms).
-
Preliminary title report (is reviewed and accepted).
-
Inspections and disclosures (the property is inspected during the period specified in the contract, and all
disclosures made by the seller about the property are reviewed).
-
Assessment (the property value is determined by the lender).
-
Loan approval (the lender contacts the escrow agent).
-
Hidden defect insurance (the buyer tells the Escrow Agent the name of the insurance company that will grant the policy).
-
Conditions (the escrow agent ensures that the conditions are met).
-
Final visit to property (the buyer inspects the property with the Real Estate Agent, before closing the transaction).
-
Document signing (the buyer signs the loan documents and the escrow instructions, and deposits the initial payment with
the title company).
-
The escrow agent returns the documents to the lender.
-
The lender’s fund’s are electronically transferred to the title company (the monetary exchange occurs between the lender
and the title company).
-
The deed is registered at the county office (this transfers the property title to the buyer).
-
The transaction closes (accounting is finalized and the account statement is remitted).
-
The keys are delivered to the new owner.
Info provided by Austin Title