(After contract is finalized by both Buyer and seller)Buyer’s earnest money is
deposited with Title CompanyBuyer makes
loan application at Financial Institution of choice when;
Processes
credit report for Buyer
Orders
appraisal of property
Verifies
buyer’s employment
Verifies
Buyer’s bank accounts or other moneys necessary to close
Oversees that
all conditions of purchase including lender-required repairs are met before closing
Consolidates
all of the above into a loan package that is presented to the loan committee for final
approval
Upon final
Lender approval, forwards all necessary closing documents to Title Company
Coordinates
funding with title Company after closing
Buyer selects
inspector and schedules inspections (mechanical, wood-destroying insect and others
required by Buyer)
After inspections are
complete, Buyer prepares repair costs estimates and either;
terminates contract (as per
Termination Option)
requests Seller to modify
selling price ( Modification to Sales Contract)
accepts property as-is
Title Company
coordinates the closing of the sale by performing the following;
Orders preliminary title
report
Coordinates solution of any
problems revealed in the preliminary title report
Files documents to clear title
of all liens, encumbrances, judgments, clouds of title, etc.
Orders title insurance
commitment
Assembles all documents and
closing papers for Buyer and Seller to sign
Arranges for both parties to
sign closing documents
Upon closing and funding,
disburses funds per closing instructions and contract terms
Files all documents with local
government to complete the sale
