Real Estate Transaction Offer to Close
Real Estate Transaction: how it typically happens!
Buyer makes an offer and seller accepts it! Typically a $1000 deposit to hold the offer is placed at this time. Deposit is held in escrow by seller's agent's office or seller's attorney.
Buyer performs home inspection typically within 10 days of accepted offer
Buyer and seller negotiation after the home inspection if applicable
Seller's agent or seller's attorney prepares Purchase and Sale agreement. This is a more detailed agreement about the sale. This is circulated between buyer and seller attorneys for additions and changes. Typically this is signed after the home inspection, approximately a 10-14 days after accepted offer. Additional deposit put down at this point, typically 5% of the purchase price.
Buyer submits application for financing. Buyers will have a preapproval but the application involves a more rigorous vetting by underwriting.
An appraisal is ordered by the lender as part of the buyer's loan process. An appraiser will visit the home and determine an appraisal value.
The buyer's loan commitment will be issue 10-14 days prior to closing. This is the bank's promise to give the loan subject to conditions such as a final credit check, a final verification of employment etc. Buyers, DON'T OPEN ANY CHARGE CARDS STILL!!
Buyer needs to obtain a home insurance binder prior to closing.
Buyer and Seller need to switch utilities
List agent will order final water readings, get an adjustment for oil or propane, arrange a smoke inspection.
Lender will issue a "Clear to Close" which means you are clear to close the loan and convey the home. The bank will send the attorney the appropriate documents to close the loan and the attorney and lender will let you know what you need to bring to the closing table. With new lending regulations, a buyer will need this information well ahead of closing!
Seller must leave home empty and broom clean
Buyer and agent do a final walkthrough.
We close the loan and record the deed at the Registry of Deeds!
And we all meet at the closing table!!
Search Real Estate Transaction Offer to Close Homes for Sale
Pulte Homes of New England
Pinehills Brokerage Services LLC
Keller Williams Realty Colonial Partners
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.