The Real Estate Transaction Process From Start To FinishBUYER:
Signs contract and gives Broker check for initial deposit money.
Accepts and signs contract.
Gives one signed copy of contract to seller and one to buyer.
Gives his attorney and broker his last paid tax bill, survey, deed, and/or abstract of title if available.
Makes application for mortgage.
Has Home Inspection, if desired.
Increases deposit money to amount agreed upon on date specified by contract.
BUYER AND BROKER:
Makes sure mortgage commitment is obtained within the time allowed on contract.
Makes sure attorney sends the copy of new deed to the lending institution where purchaser obtained his mortgage commitment.
Orders title search. Prepares mortgage and note, advises buyers they are ready to set closing date.
Obtains insurance for property poor to closing.
Makes sure appointment is set for closing.
Is advised of figure for the amount required to close from lending institution or attorney, or broker, and then obtains a certified or cashier's check for this amount.
SELLER AND BUYER:
Transfer title at agreed upon location. Possession to be obtained in accordance with date shown on contract. Be sure all utilities have been notified and meters read.
SELLERS usually pay:
commission, real estate taxes to date of possession, half of the transfer tax, release of mortgage and the new deed.
BUYERS usually pay:
title search, all charges related to their mortgage, half of the transfer tax, recording of deed and mortgage, and fuel proration.