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It’s more complicated than “Just Finding a Home”

the closing process

Contract includes:

THE PURCHASE AND SALE AGREEMENT

Earnest money receipt

Financing addendum

Inspection addendum

A legal contract between the buyer and the seller that outlines the agreement between them

Any other addendums outlining special conditions

Contingency addendum—when appropriate

Lead-based paint notification—when appropriate

Closing instructions

In some areas, the following may also be part of your agreement:

Agency Disclosure

Property disclosure form completed by the property seller

Items often considered in the negotiation phase:

THE NEGOTIATIONS

Ever-changing market conditions demand that you obtain the services of a qualified agent, skilled in the art of negotiations.

Market value of the house

Condition of the house

Financing terms

Circumstances surrounding the sale

Loan preapproval at the time of the offer

Earnest money

Once your offer has been presented to the sellers, they will either accept it, counter it or reject it. Oftentimes, sellers accept portions of the agreement but counter other portions. Once the contract is mutually accepted by both buyer and seller, the rest of the purchase process begins.

The escrow agent:

THE ESCROW PROCESS

Requests a title report and policy

Drafts a Deed of Trust and / or other necessary documents

Computes the settlement obligations

Arranges to pay off existing loans when necessary

Adjusts taxes and insurance between buyer and seller

Computes interest in loans

Records the appropriate documents

Disburses the documents and money to each party involved

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