Open Escrow
- Executed Residential purchase agreement (RPA), counter-offer(s), if applicable, and other forms sent to escrow
- Pre-approval Letter
- Buyer qualification and background information
- Verify non-realty items (i.e. personal identity)
- Communicate all parties and professionals involved in the transaction
- Earnest money deposit wired to escrow
- Schedule inspections and appraisals
Clear Contingencies
- Seller Disclosures
- HOA Docs (if applicable)
- Transfer Disclosure Statement / Seller Property Questionnaire
- Natural Hazard Disclosure
- Other – local ordinances, lead based paint, etc.
- Title Report
- History of ownership including current owner and clear of any liens, disputes or other issues
- Clear title contingency
- Obtain owner and lender policy
- Buyer Inspections
- Home inspection
- Termite and pest
- Request for repairs / clear inspection contingencies
- Appraisal
- Lender schedules and coordinates with Realtors
- Home appraises for purchase price or negotiate with seller / back out of deal
- Clear appraisal contingency
- Loan Approval
- Finalize lender and loan program (if not already done during pre-approval)
- Legal description of property
- Application and supporting documentation
- Final credit report
- Source of funds verification
- Underwriting
- Final loan approval
- Other
- Home Sale / Purchase (if applicable) – Sometimes the buyer or seller will make the sell contingent on buying or selling another property.
Escrow
- Closing statements
- Mortgage payoff
- Title search and insurance
- Loan documents
- Closing documents
- Deed preparation
Prepare for Closing
- Final walkthrough
- Assemble all documents
- Wire balance of deposit to escrow
- Execute all final documents (i.e. loan docs notarized)
- Insurance policy
- Loan funding
Closing
- Deed recorded with county assessor office, you’re officially the new homeowner
- Disbursement of funds
- Arrange to take possession of property
Moving
- Confirm movers
- Seller cancel utilities
- Buyer set up utilities
