Congratulations on Your Accepted Offer! Now, What’s Next? A Clear Guide to Navigate the Process.
Step 1: Begin the Escrow Period After the contract is approved, you will have 3 days to place a Earnest Money & Option Fee. At the end of the contract, the fees will be counted towards the house value. This also proves that the buyer is serious about their purchase.
Step 2: Secure Financing Contact your chosen lender or mortgage brokers to initiate the mortgage process. Provide the necessary documentation, undergo the appraisal process, and complete any additional requirements set forth by the lender. Your real estate agent can offer guidance throughout this stage.
Step 3: Review Title Information It’s essential to review the title information for the property. A title search will be conducted to ensure that the property’s title is clear and free of any liens, judgments, or encumbrances that may affect your ownership. This step provides peace of mind and protects your investment.
Step 4: Coordinate Inspections and Appraisals Arrange for inspections and appraisals as specified in the purchase agreement. Inspections help identify any potential issues with the property, allowing you to make informed decisions. The appraiser will assess the property’s value to ensure it aligns with the agreed-upon purchase price.
Step 5: Address Contingencies Contingencies outlined in the purchase agreement must be addressed within the specified time frame. For example, securing financing, negotiation after inspection report,… Work closely with your real estate agent to ensure all contingencies are met within the agreed-upon deadlines.
Step 6: Finalize Financing and Insurance Once financing is approved, finalize the loan process with your lender. Review the terms, sign the necessary documents, and secure homeowner’s insurance coverage. Your lender will provide instructions on the next steps, including the closing process.
Step 7: Prepare for Closing At a minimum of 3 days before closing, make sure to work with lender to gather the required documentation, such as identification, proof of insurance, and any additional paperwork. The lending bank will provide a closing document which lists out details of the costs to be paid on closing day.
Step 8: Closing the Deal On the designated closing date, you, the seller, buyer, and both parties’ representatives will meet to complete the transaction. They will review and sign the final paperwork, including the deed and mortgage documents. After paying any remaining closing costs and distribute funds, buyer will receive their keys and have full authrity
Wishing you the best of luck in your property journey, and may your new home bring you a wealth of happiness and satisfaction for years to come!
