19 Steps To The Home Purchasing Process

Posted by on Tuesday, September 1st, 2015 at 2:54pm.

 

  1. Choosing your Real Estate Agent.

  2. Choosing your lender (know about different types of mortgage loans and pre-qualification).

  3. Selecting your home (determine the type, the price, and the location).

  4. The Offer (once you have found the property make a written offer through your real estate agent).

  5. 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).

  6. The mortgage loan (a mortgage loan is requested, filling out the appropriate forms).

  7. Preliminary title report (is reviewed and accepted).

  8. 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).

  9. Assessment (the property value is determined by the lender).

  10. Loan approval (the lender contacts the escrow agent).

  11. Hidden defect insurance (the buyer tells the Escrow Agent the name of the insurance company that will grant the policy).

  12. Conditions (the escrow agent ensures that the conditions are met).

  13. Final visit to property (the buyer inspects the property with the Real Estate Agent, before closing the transaction).

  14. Document signing (the buyer signs the loan documents and the escrow instructions, and deposits the initial payment with

    the title company).

  15. The escrow agent returns the documents to the lender.

  16. The lender’s fund’s are electronically transferred to the title company (the monetary exchange occurs between the lender

    and the title company).

  17. The deed is registered at the county office (this transfers the property title to the buyer).

  18. The transaction closes (accounting is finalized and the account statement is remitted).

  19. The keys are delivered to the new owner.

Info provided by Austin Title

 

 

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