Posts Tagged ‘selling’

Home Buyer and Seller Checklist: Steps of the purchase process, Buy and Sell Real Estate – Big Block Realty

Home Buyer and Seller Checklist: Steps of the purchase process, Buy and Sell Real Estate – Big Block Realty

 

The following 35 steps describe all the steps that your REAL ESTATE TEAM (your Real Estate Agent, lender, and the title and escrow company) will perform so that your transaction is successful. After each description, you will see who is associated with that step, labeled in brackets.

These steps have been numbered to make the process easy to follow, although some of them may occur at the same time. Check with your Real Estate Agent or your lender if you need more detail or clarification.

1. Pre-approval and evaluation of your ­financing options [Lender]

2. The loan application form is completed [Lender]

3. Choosing the desired property, and presenting the purchase offer and the initial good-faith deposit [Real Estate Agent]

4. The transaction is started at the Title and Escrow Company [Title and Escrow Company]

5. Property inspections are ordered [Real Estate Agent]

6. Credit report and property value assessment are ordered [Lender]

7. The contract is reviewed with particular attention to the steps with specific dates [All team members]

8. The preliminary title report is reviewed and sent to the lender and the Real Estate Agent [Title and Escrow Company]

9. The disclosure reports are delivered to the buyer [Real Estate Agent]

10. The preliminary title report is reviewed [All team members]

11. The desired loan is selected [Lender]

12. The inspections are reviewed and/or the contingencies are eliminated [Real Estate Agent]

13. The contingencies are removed from the loan and the deposit is increased if necessary [Real Estate Agent]

14. Receipt of increased funds [Title and Escrow Company]

15. Final gathering of documents for loan approval [Lender]

16. The Escrow Agent ensures that the title report is free of errors and that it complies with any additional instructions [Title and Escrow Company]

17. The package is sent to the lender (risk assessor) for ­final approval [Lender]

18. Discussion about the selection of an agent for insurance against hidden defects [Real Estate Agent]

19. The loan is approved and the loan documents are ordered [Lender]

20. The loan documents are sent to the title company [Title and Escrow Company]

21. The property owner’s hidden defects insurance is ordered [Title and Escrow Company]

22. The closing date, and the required fi­nal balance needed to close the transaction, are confi­rmed [Real Estate Agent]

23. The Real Estate Agent gives fi­nal instructions for the closing [Real Estate Agent]

24. Final conditions of the loan are reviewed with the escrow agent [Lender]

25. The escrow instructions are formulated [Title and Escrow Company]

26. The escrow instructions are signed (by both Buyer and Seller) and the loan documents are also signed (by the Buyer) [Title and Escrow company]

27. The signed documents are returned to the lender along with the hidden defects insurance policy [Title and Escrow Company]

28. Final visit to the property [Real Estate Agent]

29. The loan ­le is reviewed [Lender]

30. The monetary exchange occurs [Lender]

31. The buyer deposits the funds balance in the escrow account [Title and Escrow Company]

32. The team decides that other measures are necessary for closing [All team members]

33. The documents are registered (the deed) at the county office [Title and Escrow company]

34. The transaction is closed. Final accounting: Checks are written and sent, a ­final account statement is produced,

and all parties are summoned and notified of the closing [Title and Escrow company]

35. The keys are handed to the new owner [Real Estate Agent]

Hope this in depth break down helps give you the confidence you need to buy a house, contact me if you have any questions!

 

Big Block Realty, 100% Commission California Real Estate Brokerage