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Write offer with real estate broker and he presents it to the seller. |
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Negotiate the terms of the contract. |
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Seller reviews and accepts contract. |
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Earnest money deposit is due from the buyer. Check generally payable to the title company. Personal check is ok. Amount is generally around 5% of the purchase price. |
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Escrow account opened by title company (to deposit earnest money) and title report is ordered by the seller. |
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All inspections are ordered by the buyer's real estate agent. |
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Title Commitment delivered to buyer and his real estate agent. |
Hot Air Ballooning at Aspen & Snowmass |
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Buyer's attorney delivers opinion on Title Commitment. |
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Inspection reports delivered to all parties. |
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Lender orders appraisal. |
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Buyer reports name of carrier of homeowner's insurance to title company. |
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Buyer receives final approval from lender. |
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Lender prepares loan documents and delivers to title company. |
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Title company prepares closing documents. Prior to closing, buyer and buyer's broker will receive a copy of the Settlement Statement for review. |
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Buyer will need to bring identification to closing in the form of state driver's license. Buyer does not have to be present at the closing, and can sign the closing documents in advance. |
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Buyer usually provides closing funds by wire transfer. A certified or cashier's check can also be used. The amount will be determined by the title company a couple of days in advance of the closing. |
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Buyer and seller sign documents. |
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Loan is funded by lender. |
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Title is recorded (transferring ownership) |
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Final proceeds check for the seller is disbursed after the county recorder verifies that the documents have been recorded and the legal transfer has occurred. |
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Deed mailed to new owner several weeks after closing. |
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