IT CAN BE STRESSFUL TO BUY OR SELL A HOME
AND SOMETIMES YOU FEEL YOU’RE GOING AT IT ALONE
THIS PAGE IS TO GIVE YOU INSITE ON THE PROCESS
WE HOPE IT HELPS!
A REAL ESTATE AGENT IS THE BEST PERSON TO ADVISE YOU WHEN YOU ARE THINKING OF BUYING OR SELLING A HOME.
FOR THE SELLER, THE REALTOR CAN FIND JUST THE RIGHT BUYER, AND IF YOU ARE THE BUYER, HE OR SHE CAN FIND YOU THE HOME OF YOUR DREAMS. HOWEVER, WHAT HAPPENS AFTER YOU NEGOTIATE AND SIGN THE CONTRACT?
1. THE REAL ESTATE AGENT WILL GIVE YOUR CONTRACT TO A CLOSING AGENT (TITLE COMPANY). THE CLOSING AGENT WILL INTERPRETS THE CONTRACT TO INSURE THE BUYER/SELLER AGREEMENT IS LEGAL AND BINDING, DEPOSIT BUYERS ERNEST MONEY INTO AN ESCROW ACCOUNT AND OPEN A FILE FOR CLOSING.
2. THE CLOSING AGENT (TITLE COMPANY) WILL PLACE AN ORDER FOR A TITLE COMMITMENT WITH THEIR UNDERWRITER THE PROPERTY WILL THEN HAVE AN EXTENSIVE SEARCH DONE TO DETERMINE IF IT IS FREE AND CLEAR OF LIENS JUDGMENTS, HAVE VIABLE ACCESS AND THAT THERE ARE NO CLAIMS OF OWNERSHIPS FROM THIRD PARTIES.
3. THE CLOSING AGENT WILL CONTACT ALL PARTIES INVOLVED IN YOUR TRANSACTION, WHICH CAN INCLUDE, ALL BUYERS, SELLERS, REAL ESTATE AGENTS, LENDERS, SURVEYORS, APPRAISERS, HOME OWNERS INSURANCE, PEST INSPECTORS, TAX COLLECTORS. THESE CONTACTS ARE NECESSARY TO INSURE ALL INFORMATION IS ACCURATE, AND ALL INVOICES ARE COLLECTED IN PREPARATION OF THE SETTLEMENT STATEMENT.
SOME QUESTIONS THE CLOSING AGENT MAY HAVE:
BUYER; CORRECT SPELLING OF BUYERS NAMES, ADDRESS YOU WILL RECEIVE YOUR MAIL AT, PHONE NUMBERS, SOCIAL SECURITY NUMBERS, WHO YOUR LENDER WILL BE, WHO YOU ARE GETTING YOUR HOME OWNERS INSURANCE FROM, WILL YOU BE GETTING A HOME INSPECTION OR HOME WARRANTY. YOUR CLOSING AGENT CAN GIVE YOU REFERRALS FOR THE ABOVE IF NEEDED.
SELLER; CONFIRM SPELLING OF THOSE CURRENTLY IN TITLE, MARITAL STATUS, FORWARDING ADDRESS, SOCIAL SECURITY NUMBERS OF ALL SELLERS, DO YOU HAVE A MORTGAGE ON THE PROPERTY (YOU WILL NEED TO PROVIDE NAME , ADDRESS AND PHONE NUMBERS) CLOSER WILL NEED TO GET A CURRENT PAYOFF FROM LENDERS. IF YOU PAY HOMEOWNERS DUES ON YOUR PROPERTY, (PROVIDE CONTACT PERSON AND PHONE NUMBERS) CLOSER WILL NEED TO ASSURE ALL DUES ARE CURRENT. CLOSER MAY ASK YOU FOR A COPY OF YOUR CURRENT SURVEY. IF YOU HAVE ADDED A POOL OR OTHER CONSTRUCTION SINCE YOUR LAST SURVEY BE PREPARED, THE CLOSER WILL HAVE TO ORDER AN UPDATE OF THAT SURVEY. CLOSER SHOULD REQUEST A COPY OF YOUR OWNERS TITLE INSURANCE POLICY (YOU RECEIVED THIS WHEN YOU BOUGHT YOUR HOME) YOU MAY BE ELIGIBLE FOR RE-ISSUE CREDIT, IF YOU ARE PAYING FOR BUYERS TITLE INSURANCE POLICY. MOST IMPORTANTLY THE CLOSER WILL NEED TO KNOW HOW YOU WANT TO RECEIVE YOU PROCEEDS, THEY CAN BE WIRED OR GIVEN TO YOU IN A CHECK.
4. THE CLOSER WILL COORDINATE WITH THE NEW LENDER IN PREPARATION FOR THE CLOSING; THE CLOSER WORKS CLOSE WITH THE LENDER AT THIS POINT TO ASSURE THE LENDER HAS EVERYTHING THEY NEED TO MEET THE CLOSING DATE. THEY WILL SUBMIT TO THE LENDER THE TITLE COMMITMENT, ALL BUYERS INFORMATION AND A PRELIMINARY SETTLEMENT STATEMENT. ONCE THE LENDER HAS THE APPRAISAL AND ALL REQUIRED DOCUMENTS AND PROOF OF INCOME FROM THE BUYER, THE LENDER WILL SUBMIT THE FILE TO THEIR UNDERWRITING DEPARTMENT. ONCE UNDERWRITING HAS APPROVED THE LOAN THEY CONTACT THE CLOSER AND SCHEDULE A TIME FOR CLOSING, AND TRANSFER ALL REQUIRED DOCUMENTS TO THE CLOSER FOR SIGNING.
5. THE CLOSER CONTACTS THE BUYER/SELLER AND REAL ESTATE AGENTS TO SCHEDULE A TIME FOR CLOSING. 24 HOURS PRIOR TO CLOSING LEDER GIVES CLOSING AGENT FINAL CLOSING INSTRUCTIONS NEEDED TO FINALIZE SETLEMENT STATEMENT. CLOSER WILL SUBMIT TO THE REAL ESTATE AGENTS AND LENDER A FINAL SETTLEMENT STATEMENT FOR APPROVAL. YOUR RESPECTIVE AGENT WILL CONTACT YOU AT THIS TIME TO GO OVER THE FEES AND GET YOUR APPROVAL TO SCHEDULE CLOSING. LENDER ALSO HAS TO APPROVE SETTLEMENT STATEMENT.
6. DAY OF CLOSING- CLOSING AGENT WILL PREPARE ALL LEGAL DOCUMENTS NEEDED TO TRANSFER TITLE TO BUYER, PROOF LENDER DOCUMENTS AND CONFIRM CLOSING WITH ALL PARTIES.
BUYERS; YOU SHOULD EXPECT TO BE AT THE CLOSING ANYWHERE FROM 1-2 HOURS, DEPENDING ON THE AMOUNT OF DOCUMENTS YOUR LENDER HAS REQUESTED TO BE SIGNED, IF THE CLOSER HAS ADVISED YOU THAT YOU NEED TO BRING MONEY TO CLOSE YOU WILL NEED TO BRING CERTIFIED FUNDS SUCH AS A BANK CASHIERS CHECK. CHECK WITH YOUR CLOSER IF YOUR FUNDS REQUIRED ARE UNDER $500.00 (SOMETIMES YOU CAN GIVE A PERSONAL CHECK FOR AMOUNTS UNDER $500.00) BE SURE TO BRING A PHOTO ID!
SELLERS; YOU SHOULD EXPECT TO BE A CLOSING FOR ABOUT 1/2 HOURS, BRING PHOTO ID FOR ALL SELLERS. TRY TO HAVE YOUR PORTION OF THE CLOSING AFTER THE BUYER HAS SIGNED. YOUR CLOSER WILL MOST LIKELY BE REQUIRED BY YOUR BUYERS LENDER TO FAX SIGNED DOCUMENTS TO THEM BEFORE THEY ARE GIVEN PERMISSION TO FUND THE CLOSING, IF YOU SIGN BEFORE THE BUYER YOU WILL MOST LIKELY HAVE TO WAIT UNTIL LATER TO RECEIVE YOUR FUNDS. CHECK WITH YOUR CLOSER ON THE FUNDING PROCESS. MOST SELLERS GET UPSET WITH THE CLOSER WHEN FUNDING DOESN’T HAPPEN AT THE TABLE. THIS IS NOT IN THE CLOSERS CONTROL, AS THEY MUST FOLLOW THE LENDERS INSTRUCTIONS TO THE "T" TO SECURE SOLID FUNDING.
7. AFTER CLOSING THE CLOSER WILL NOTORIZE ALL SIGNATURES, MAKE COPIES OF ALL SIGNED DOCUMENTS, SUBMIT COPIES TO BUYER, SELLER, REAL ESTATE AGENTS AND RETURN ORIGINAL LENDER DOCUMENTS TO LENDER. AFTER RECEIVING APPROVAL FROM LENDER, ESCROW AGENTS WILL CUT CHECKS AND PAY ALL FEES ON SETTLEMENT STATEMENT, TAKE DOCUMENTS TO CLERK FOR RECORDING, TYPE POLICIES FOR LENDER AND HOME OWNER THEN CLOSE FILE. APPROX 2 WEEKS AFTER THE CLOSING THE CLOSING AGENT WILL MAIL THE OWNERS POLICY AND THE ORIGINAL RECORDED WARRANTY DEED TO THE BUYER. THE BUYER WILL NEED THE WARRANTY DEED TO APPLY FOR HOMESTEAD EXEMPTION ON THEIR PORPERTY. I HOPE THAT THE ABOVE INFORMATION HAS HELPED YOU HAVE A UNDERSTANDING INTO THE CLOSING PROCESS AND WHAT TO EXPECT IN YOUR REAL ESTATE TRANSACTION.
FEEL FREE TO CONTACT US IF YOU HAVE ANY QUESTIONS WE HAVE NOT ADDRESSED HERE.
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