Once we have found the home you want to buy, there are several additional steps you need to take to close the sale after the purchase and sale agreements have been signed.
Step 1 Removal of Conditions
The most common conditions are inspection and financing. These conditions must be removed or waived in writing before the sale on your new home can close. There are of course a wide variety of others depending on the property.
Step 2 Appraisal and title report
Your lender may require a formal appraisal to confirm the value of the home you’re buying, to use as collateral to secure the loan. The title report ensures that the seller has clear title to the property and has the right to transfer ownership to you.
Step 3 Prepare closing documents
Generally Real Estate attorneys will prepare documents that confirm the transaction, prorate funds, etc.
Step 4 Signing of closing documents
Although both parties may have signed closing documents and deposited funds, the sale actually closes when the deed is recorded and the proceeds are available to the seller.
Step 5 Signed documents go to the lender for final review.
Step 6 The deed is recorded and funds disbursed.
Step 7 The seller receives the proceeds and the moving van arrives.
Step 8 You get the keys to your new home!
There are many opportunities for surprises or delays in a transaction. Part of my expertise is in troubleshooting problems that arise in the closing process, including anticipating and preparing for potential problems before they arise.