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.
What To Expect In A Residential Transaction
Common Steps for Buying a Home
Select a real estate agent.
Determine needs and wants.
Determine financial eligibility.
Discuss finances.
Obtain prequalification.
Select an affordable property that fits your needs.
Discuss offer with agent.
Buyer reviews contract with agent.
Agent presents offer to selling side.
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).
Deposit “earnest money” into escrow.
Escrow will order Preliminary Report.
Conduct Physical Inspection of Property by a qualified inspector.
Approve Seller’s Transfer Disclosure Statement.
Approve Preliminary Report.
Conduct property appraisal.
Obtain loan approval from lender.
Perform termite inspection and certification.
Select insurance company and coverage.
Insurance will be in effect at close of escrow.
Brokers Title receives signed documents.
Need cashier’s check or money transfer prior to closing date.
Deposit down payment and closing costs to Escrow.
Lender sends balance of purchase price to Brokers Title.
Deed is recorded with County Recorder’s office.
Get your keys and move in!