COMMON STEPS FOR BUYING A HOME
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)
Letter of Indemnity Request form can go under Contact us or General Information.