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Buyers' Resource Section:
III. - THE SALE -
The sale is by far and away the most technical
and tedious portion of the process of buying a home.
This portion is often compared to a symphony orchestra. If the musicians
in the orchestra fail to work together in precise harmony the result
is poor. On the other hand if all the players are up to the task
and work effectively together the result is pure magic. In our orchestra
the players are not the percussion, horns, and woodwinds; rather
the legal teams for both buyer & seller, lending agents, Real Estate
Agents, and Government Officials. The most effective
way to negotiate this process is to hand it to your Agent and let
them take care of it. However, listed below are a few
things you should know about the process of closing, or “escrow”,
and the costs involved.
1st Your Offer is Accepted. Congratulations
the seller of the property has now entered into negotiations for
you to buy their house.
-What
is in a Sales Contract-
2nd Final Loan Application. Now is
the time to dot the i's and cross the t's on the final loan application.
This sets the timetable for the closing because your loan approval
may take several weeks to process.
-How
Lenders Approve Loan Applicants -
-10
Ways to Ascertain a Down Payments or Cash-
3rd Inspections and Appraisals.
-How
to Choose a Qualified Inspector and Appraiser-
4th Title Search completed on the Property.
This step ensures that you are buying the property from the rightful
owner. It protects your investment and ensures ownership.
5th Loan Approval. Once again congratulations,
one of the last really big hurdles. Now you have the money to hand
to the seller to take possession of your new home.
6th Closing Papers Signed. This is
a meeting between buyer, seller, agents representing both, lawyers,
government officials, and others. Papers transferring ownership
of property for monies approved in the loan are signed.
-Definitions
of Closing Costs-
7th Closing Documents Recorded. This
step is carried out by those government officials in the previous
meeting.
8th Funds are made available to the seller.
9th CONGRATULATIONS- You have just
bought a new home.
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