The Real Estate Transaction Process From Start To Finish
BUYER:Signs contract and gives Broker check for initial deposit money.
SELLER:
Accepts and signs contract.
BROKER:
Gives one signed copy of contract to seller and one to buyer.
SELLER:
Gives his attorney and broker his last paid tax bill, survey, deed, and/or abstract of title if available.
BUYER:
Makes application for mortgage.
BUYER:
Has Home Inspection, if desired.
BUYER:
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.
BROKER:
Makes sure attorney sends the copy of new deed to the lending institution where purchaser obtained his mortgage commitment.
LENDING INSTITUTION:
Orders title search. Prepares mortgage and note, advises buyers they are ready to set closing date.
BUYER:
Obtains insurance for property poor to closing.
BROKER:
Makes sure appointment is set for closing.
BUYER:
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.
NOTE:
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.