What to expect in residential transaction

WHAT TO EXPECT IN A RESIDENTIAL TRANSACTION

Buying a home involves several stages. Below is a list of the more common steps during a residential transaction.

Your situation may vary and it is best to contact your real estate professional for more information.

Common Steps for Buying a Home

Initial Meeting
  •Select real estate agent
  •Determine needs and wants
  •Determine financial eligibility

Loan Qualification
  •Discuss finances
  •Obtain prequalification

Find a Home
  •Select an affordable property that fits your needs
  •Discuss offer with agent
  •Buyer reviews contract with agent
  •Agent presents offer to selling side

Present and Negotiate Offer
  •Buyer prepares "earnest money" deposit (typically, 1 to 3% of purchase price)
  •Seller accepts offer (Seller can accept your offer, counter your offer, or reject your offer)

Open Escrow
  •Deposit "earnest money" into escrow
  •Escrow will order Preliminary Report

Submit Loan Application/Contingency Period
  •Conduct Physical Inspection of property by a qualified inspector
  •Approve seller's Transfer Disclosure Statement
  •Approve Preliminary Report
  •Conduct property appraisal
  •Obtain loan approval from lender
  •Perform termite inspection and certification

Obtain Homeowner's Insurance
  •Select insurance company and coverage
  •Insurance will be in effect at close of escrow

If applicable, obtain Home Warranty insurance Sign Documents
  •Chicago Title receives signed documents

Down Payment
  •Need cashier's check or money transfer prior to closing date

Closing the Escrow
  •Deposit down payment and closing costs to escrow
  •Lender sends balance of purchase price to Chicago Title
  •Deed is recorded with County Recorder's office
  •Get your keys and move in!