1. Contract signed and dated – typically
the real estate agent(s) will fax the contract to my office
once a verbal agreement on the price for the sale or purchase
is made. Together, with the attorney for the other side
of the transaction, we will negotiate the terms of the
contract. Once we come to agreement and sign off on the
contract, attorney review ends and the status becomes
“under contract”.
2. Earnest money deposited with Realtor
or Seller Attorney – the Buyer will present an earnest
deposit with the contract. The money will be deposited
into either the Buyer’s Realtors Trust Account or
the Seller’s Attorney’s Trust Account. This
money is applied to the contract price at closing and
is fully refundable in the event that the deal becomes
void.
3. Loan application – on the contract,
there is a date noted that the mortgage commitment must
be obtained by. The buyer must apply for their mortgage
at their earliest convenience in order to meet that date.
This process can take 30-60 days to complete.
5. Property inspection ordered by Buyer
inspection – the buyer will contract a home inspector.
In NJ, the home inspectors will also do the termite inspection.
The home inspection and the list of items to be addressed
is response is due 10 days after the date attorney review
ends.
6. Buyer must order termite inspection –
this may need to be done separately if the chosen home
inspector doesn’t do one.
7. Copy of inspection to Buyer and Seller
- Buyer must provide Seller with repair priority list
– I will help you negotiate the items in need of
repair.
8. Appraisal ordered by Lender – The
Lender will order the appraisal of the home to be purchased.
Your real estate agent will help you schedule the appointment.
9. Appraisal complete - The appraisal may
have lender-required repairs, this will be communicated
to you directly from your Lender along with the final
appraisal.
10. Seller orders repair work with priority
to lender-required repairs, and then buyer repairs –
I will help you navigate this process and negotiate where
applicable.
12. Lender approval of Buyer – this
is called a commitment, often with conditions, which are
questions that the buyer will need to satisfy.
12. Septic inspection if needed –
this is separate from the home inspection and is ordered
by the buyer.
13. Attorney to order title insurance and
survey – my office will handle these two items.
14. Survey approved by Title Company –
I will review any concerns about the survey with you.
15. Repairs completed and approved by Lender
and Buyer – you can inspect repairs, you real estate
agent can assist you.
16. Closing date set – please keep
in mind that the closing date is a moving target. My team
will do their best to give you as much notice as possible.
There are many documents that need to be prepared for
the closing, coming from several different agencies.
17. Buyer arranges insurance for home –
Home owners insurance must be purchased in order to close.
You will need to provide this information to your Lender.
18. Confirm closing figures with Attorney
– I will go over all of the figures associated with
the closing. You will be notified of what funds you will
need to bring to the closing. This must be in the form
of a cashier's check or certified funds.
19. Walk through of the house – the
buyer, with their agent, will visit the house to ensure
that everything is as it should be. If there are any concerns,
the buyer should contact their attorney so they can be
addressed before closing.
20. Close transaction – Once you have
signed all of the required documents, you will have successfully
purchased your home. This is when you will receive the
keys. Congratulations!
