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!! 

 

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