The Process, Step-by-Step
The initial agreement and deposit. We will assist you in drafting all the paperwork for your purchase and make sure you have copies of everything. During the process we will keep you constantly updated, so you will always be prepared for the next step.
The closing agent. Typically a title company will be chosen as an escrow and closing agent. The closing agent will hold the deposit in escrow and research the complete history of the property to ensure that the title is free and clear of encumbrances by the date of closing and that all new encumbrances are property added to the title.
Inspections. Once your offer is accepted by the seller, you will need to have a licensed property inspector inspect the property within the timeframe that was agreed upon in the effective contract to purchase. We can recommend several different inspectors.
Appraisal and Lending.It is imperative that you keep in close communication with your lender who will let you know when additional documents are needed to approve your loan application and fund your loan. If the contract is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value of the lending institution, via a third party. This is done so that the lending institution can confirm that their investment in your property is accurate. Appraisers are specialists in determining the value of properties based on a combination of acreage, square foot measurements, building costs, recent sales of comparable properties, operating income, etc.
All new encumbrances to the property are added to the title.