The Process: Purchaces & Sales
The process for buying and selling residential real estate follows a similar pattern. Here are the basic steps:
PURCHASE
- Signed Contract: Review contract and recommend modifications, if any
- Inspection: Buyer sets up the inspection with assistance of real estate agent
- Attorney review letter: Drafted by Buyer's attorney with input and review of Buyer; contract modifications and inspection items, if any
- Review of Title, Survey (single family home or townhome), and HOA documents (if applicable)
- Loan application and "Clear to Close" status from lender
- Pre-closing walk through
- Closing: Buyer's attendance is usually required if Buyer has a loan; optional in a cash or no loan situation
SALE
- Signed Contract: Review contract and recommend modifications, if any
- Attorney review letter: Seller’s side may also submit comments to the Contract. Buyer’s side submits inspection and Contract comments.
- Furnish Title, Survey (single family home or townhome), and HOA documents (if applicable)
- If there is a loan contingency: Confirm Buyer’s "Clear to Close" status
- Sign closing documents: Seller can sign the documents before or at closing
- Closing (Seller does not have to attend; can pre-sign documents)
PRO TIP - Seller
Keep your “Paid” receipts for major work you’ve done on your property (over $5,000.00 in the 4-6 months prior to closing). Title companies want assurances that no liens can be filed by unpaid contractors.
PRO TIP - Buyer
When buying, ask your insurance agent to run a CLUE REPORT to check on prior Property insurance claims.
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