Typical Buyer's Step-by-Step Progression
- Buyer makes written offer to purchase for seller’s consideration
- Terms are negotiated until seller accepts in writing. You are now under contract!
- Due Diligence Fee is paid by Buyer to Seller for an inspection period
- Buyer's earnest money (good-faith) deposit is placed in the listing agent’s trust account
- Lender orders appraisal (buyer might order this if it is a cash purchase)
- Lender orders a title search – this is a request to our office to begin title search and review
- Inspections are ordered (we recommend buyer obtain all inspections available to them: home, termite, radon, HVAC, etc.)
- After inspection reports are reviewed, any repair issues are negotiated with the seller before the expiration of due diligence period
- Land survey is ordered to be reviewed as part of title search
- Buyer applies for hazard insurance and the information goes to the lender and closing attorney
- Near the closing date, buyer arranges for utilities to be switched over
- Seller signs deed and other seller documents prepared by closing attorney
- Closing and settlement takes place at the office of the buyer's attorney.
- Buyer gives attorney certified funds to pay for closing and signs loan papers and other required documents
- Attorney records new deed at the courthouse and disburses funds to all parties
- Attorney certifies the final opinion of title to the buyer’s title insurer so that the policy of title insurance can be issued to buyer and lender.
Other Common Questions
How Do the New Regulations Implemented by the CFPB Affect My Home Purchase?
I am expecting proceeds after closing. May I have those proceeds wired to my bank?
I am married, but my house is in my name only, and my spouse will not be a co-borrower on the mortgage. Does my spouse have to come to the closing?
I am selling my property and your office is handling the drafting of the closing documents on my behalf. May I sign the document prior to the scheduled closing date?
I want to terminate my contract, what should I do?
I'm buying/selling a For Sale By Owner (FSBO) home. What do I need to know?
My spouse has my Power of Attorney. Can she sign for me at the closing so I won't have to attend?
Should I make my next payment to my mortgage company?
Should we consider buying a home in foreclosure?
The house I am selling is in my name only. Does my spouse have to attend the closing?
What cost are involved in a real estate transaction?
What do I need to bring to closing?
What is a 1031 exchange?
What is a Closing Disclosure (CD)? What is a HUD or HUD-1?
What is a lease to purchase and how do they work?
What questions should I ask when looking at homes?
What risks are covered with title insurance?
When can I, the seller, get my money from the closing?
When will I get the keys to my new home?
When will I know how much money I'll need to bring to closing?
When will my documents be recorded?
Why do I need title insurance?
Why is my payoff higher that my newest statement I received from my lender?