The Mortgage ProcessSaturday, March 3rd, 2012
Once you have found the home you want to buy, there are several additional steps you need to take to close the sale after the purchase and sale agreements have been signed.
Step 1 Contingency removal: The most common contingencies are inspection, financing and the sale of your current home. These conditions must be removed or waived in writing before the sale on your new home can close.
Step 2 Appraisal and title report: Your lender requires a formal appraisal to confirm the value of the home you’re buying, to use as collateral to secure the loan. The title report ensures that the seller has clear title to the property and has the right to transfer ownership to you.
Step 3 Prepare closing documents: Escrow service companies or real estate attorneys prepare documents that confirm the transaction, prorate funds, etc.
Step 4 Signing of closing documents: Although both parties may have signed closing documents and deposited funds, the sale actually closes when the deed is recorded and the proceeds are available to the seller.
Step 5 Signed documents go to the lender for final review.
Step 6 The deed is recorded and funds disbursed.
Step 7 The seller receives the proceeds and the moving van arrives.
Step 8 You get the keys to your new home
There are many opportunities for surprises or delays in a transaction. Part of my expertise is in troubleshooting problems that arise in the closing process, including anticipating and preparing for potential problems before they arise.
Please email or call me any time if you have questions or would like more information about the closing process. Email me directly at Diane@DianeKaplan.com or call my cell (732)672-0409 to send me a text.