Home Buying 101

 

Offer Accepted

Your real estate agent will negotiate the terms of your purchase, including price, down payment, mortgage amount, and any contingencies (such as inspections or the sale of another property).

Once your offer is accepted, your agent will forward the details and your pre-approval to our office so we can begin your file. The listing agent will send the deal sheet to the seller’s attorney, who will prepare the contract of sale.

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Contract Review & Signing

The seller’s attorney prepares the contract and sends it to our office for review. We’ll schedule a time to go over everything with you—either by phone or in person.

After reviewing, we’ll propose any necessary changes through a contract rider. Once all terms are agreed upon, we’ll send the contract to you for signature and request your down payment.

The contract becomes binding once it is signed by both parties and the seller’s attorney receives your signed contract and deposit.

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Title & Municipal Searches

We will order a title search to confirm the seller has clear ownership of the property. This search may uncover items such as liens, unpaid taxes, or other issues that must be resolved before closing.

A municipal search is also conducted to identify any violations on the property. These reports are issued by the local municipality and can take several weeks.

If violations are found, the seller is typically responsible for resolving them prior to closing.

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Survey

A survey shows property boundaries and the location of structures such as the home, driveway, fences, or pool.

While some lenders allow you to proceed without one, we strongly recommend obtaining a survey to avoid potential boundary or encroachment issues. Without it, certain risks may not be covered by title insurance.

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Mortgage Process

After your offer is accepted, you’ll work with your lender to complete your mortgage application and provide financial documentation.

Your lender will order an appraisal to confirm the value of the property. Once all documentation, title work, and reports are complete, your loan will be reviewed for final approval.

When approved, you’ll receive a “clear to close,” allowing us to move forward with scheduling.

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Preparing for Closing

The “on or about” closing date in your contract is an estimate and may shift depending on the progress of your loan and title work.

We will schedule your closing once all parties are ready. This involves coordinating multiple parties, including attorneys, lenders, agents, and (in some cases) managing agents or title companies.

Final closing figures will be provided by our office, typically shortly before closing.

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Closing Day

Before closing, you’ll complete a final walkthrough with your real estate agent to confirm the property is in the expected condition.

At closing, you will sign all necessary documents to transfer ownership and finalize your mortgage. Once funds are received, you will receive the keys to your new home.

After closing, the deed will be recorded with the county, and your title policy will be issued. We will provide you with a copy for your records.

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