- An escrow account is open for the transaction.
- Deposit placed in Broker or Escrow account.
- Review Property Disclosure & approval.
- Order and review home inspection report.
- Request for home repair, if any.
- Order and review appraisal report.
- Order and review preliminary title report.
- Shoping for homeowner insurance.
- You and the seller satisfy contingencies in the contract.
- Your loan officer will work on you loan to clear all prior-to-doc conditions.
- You will decide how to hold the title (as a sole owner, as a joint tenant or as a partner).
- You review closing costs with lender (usually 2 to 7 percent of home purchase).
- Your loan officer will order loan documents.
- Your lender will review and send loan documents to Escrow office.
- You will sign your loan/real estate documents, normally at the Escrow office.
- Escrow will send all signed documents to the lender.
- Lender will review all coduments and conditions, then wire the fund to Escrow.
- You arrange for final walk-through inspection.
- Escrow will distribute the fund to all involved parties.
- Fund available to seller.
- Document Recorded.
- At this time, industry says Escorw has closed.
- Seller moves out.
- Buyer moves in