Home Buying Process
1. Find your new home
- Make your offer on a home you are interested in.
- Your real estate agent will write up the offer which will include the proposed down payment, amount you will seek financing for and projected date for closing.These terms will be presented to the seller through the listing agent.If possible, a pre-approval letter from your lender should be forwarded together with the offer. This may result in a counter-offer from the seller, in which case your agent will present to you for your consideration. Once the purchase price is agreed to, your agent will ask you to provide the name of your real estate attorney
2. Contact my office with the details of the purchase of your new home.
-Provide the name of your real estate agent so that we may obtain the contact details for for the seller's attorney and request the proposed contract of sale.
3. Arrange for a home inspection through a Licensed Home Inspection Company.
- Make sure you are present at the time of the inspection.
- Bring a pad with you and follow the inspector around the property while
conducting the inspection. This will be helpful in remembering any issues listed that are
listed in the written report.
- Ask the home inspector to email a copy of the inspection report to you as well as to my
office once completed.
4. Schedule your appointment with my office for the review of your contract together with the review of your inspection report.
- We will first review the funds you will need to complete your purchase together with the
projected closing costs that will be needed to complete the purchase.
-We will then review the contract terms together, including the proposed time frame of
your purchase to make sure that it allows sufficient time for you to obtain financing and
for the title search to be completed.
- We will then review the inspection report together to confirm that there are no major
repair issues that need to be added to the contract.
-The contract with proposed changes will then be emailed to the seller's attorney for
approval of our proposed changes.
5. Once there is an agreement on terms, you will execute the contract and issue a check for the required contract deposit . I will then return the contract to the Seller's attorney together with your down payment check.
6. Once the Seller executes the contract and it is returned to me, I will send to you by email so that you may begin your loan application with your mortgage lender.
7. Once you receive an approval letter from your lender for your mortgage, I will order the title search, which both your lender and I will review to assure that there are no title issues or violations filed against the property.
8. Once confirmed that there are no title issues, a closing date will be scheduled for a mutually convenient date and time.
9. You will receive written instructions from me with a checklist of things to do before closing.
-Pre-closing walk through of your home.
-Bank Checks you will need for balance of purchase price together with closing costs.
10. You will attend your closing at which time I will review all loan and title documents. A Closing Statement detailing the terms of your transaction will be presented and explained to you at that time. This document will also be emailed to you together with copies of all documents executed so that you have a digital record of your closing. This can then be forwarded to your accountant at tax time for easy classification of tax deductions allowed based on the closing on your home.