COMMON STEPS FOR BUYING A HOME
Are you a first time home buyer? Buying a home involves several stages. Below is a list of the more common steps during a residential transaction.
Your situation may vary and it is best to contact your real estate professional for more information.
- Select real estate agent.
- Determine needs and wants.
- Determine financial eligibility.
- Discuss finances.
- Obtain mortgage or loan pre-qualification/approval.
Find a Home
- Select an affordable property that fits your needs.
- Discuss offer with agent.
- Buyer reviews contract with agent.
- Agent presents offer to selling side.
Present and Negotiate Offer
- Buyer prepares “earnest money” deposit (typically, 1 to 3% of purchase price).
- Seller accepts offer (Seller can accept your offer, counter your offer, or reject your offer).
- Conduct Physical Inspection of property by a qualified inspector.
- Approve seller’s Transfer Disclosure Statement.
- Deposit “earnest money” into listing brokers trust account.
- Buyers lender to order title work/commitment.
Mortgage/Loan process continues.
Loan and Title Processing
- Approve title work/commitment.
- Property appraisal ordered and completed.
- Obtain loan approval from lender.
- Closing appointment coordinated with the parties by TitleSmart.
Obtain Homeowner’s Insurance
- Select insurance company and coverage.
- Insurance will be in effect at close of escrow.
- If applicable, obtain a Home Warranty.
- Need cashier’s check prior to or at closing.
- Lender sends Loan funds to TitleSmart.
- At the closing appointment, all escrow documents are fully executed and funds are disbursed by TitleSmart.
- Enjoy some awesome, fresh-baked cookies, Caribou coffee and get your celebratory photo taken on our “Red Carpet.”
- Get your keys and move in!
Be sure to bring the following things to your appointment:
- Valid (not expired) government-issued picture identification
- Social Security Number(s)
- Cashier’s check payable to TitleSmart, Inc. for funds needed to close
- Closing funds – see below for details. Use the estimate calculated when you executed the purchase agreement and/or applied for a new mortgage. We will refund any overage at closing
- We can accept personal checks payable to TitleSmart, Inc. up to $1,000.00.
- Any funds over $1,000.00 must be in the form of a cashier’s check payable to TitleSmart, Inc.
- Or, if you would prefer to wire, please call your closing team and we can provide wiring instructions through a secure method.
Resources/For Real Estate Closers (please remove this entire section for real estate closers and any documents related (Firpta and presign docs can go)
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