Buying Procedures    

1.       The buyer signs an “Offer to Purchase” which is accompanied by an initial deposit.

2.       The real estate agent submits the Offer to Purchase and handles the necessary negotiations.

3.       The seller signs the Offer to Purchase when accepted.

4.       A Real Estate Agreement is prepared by a real estate broker or an attorney.  Then the buyer    signs the real estate agreement which is accompanied by a full deposit, which is held in escrow until the closing.     Usual contingencies:  obtaining a mortgage, structural/mechanical inspection, and termite inspection.   Average time until closing (transferring of title): thirty (30) to ninety (90) days.

5.       The seller signs the Real Estate Agreement upon acceptance.

6.       Application is made for a mortgage at lending institution by buyer.

7.       Buyer makes arrangements for all inspections of his/her choosing, i.e. structural/mechanical inspection, termite  inspection, radon inspection, lead paint inspection.  All inspections are to be completed and requests for any/all   repairs are to be submitted in writing within ten (10) days of the execution of the Real Estate Agreement.

8.       The lender orders a credit report and verifies buyer’s employment.  If both are satisfactory, lender orders an appraisal of the subject’s premise.

9.       The lender approves the mortgage application and forwards loan documentation to the buyers’ attorney.

10.       The buyer’s attorney examines the title, orders a mortgage survey and coordinates other necessary documentation including, tax, oil, water, and sewer adjustments.

11.    The seller and buyer contact utility companies to arrange for service to be transferred/continued.

12.    Buyer contacts insurance agent and arranges for a hazard insurance policy on said premises to be taken to closing.

13.    The attorney informs the buyer of funds needed for closing (if any).

14.    Closing is customarily held in the office of the buyer’s attorney or a mutually convenient location.

15.    The buyer is given a copy of all closing documents, including closing statements by his attorney.

16.    The buyer usually takes possession of the home right after closing.