| WHAT |
WHO |
WHEN |
WHY |
HOW |
| Mortgage Pre-qualifying |
Buyers, Lender |
Should be done first. |
So Buyers know what they can afford, and so offers
carry more weight. |
Talk with Lenders. Shop for the best terms.
Please contact me if you would like
Lender references. |
| Selecting a Buyer Agent |
Buyers, Agent |
The sooner you do this the better. |
To protect, represent and advocate for you. |
You will be working closely with your agent so make
sure you select a professional. See NAEBA
for more details. |
| Exclusive Right To Buy Contract |
Buyers, Agent |
Before Home Search. |
I work for you, and this contract defines those terms. |
I will meet with you to review, explain and sign this
contract. Should take 1-2 hours. Here's an example. |
| Home Search |
Buyers, Agent |
Buyer can search online anytime but any contacts with
Listing Agents should go through me to insure that you are
represented. Home viewing can begin as soon as the Buyer
Agency Contract is completed. |
This, after all, is the main objective. I will
help you find the home you want at the best possible price and
terms. |
Internet searches, MLS searches, home viewings, open
houses, builder site visits. |
| Mortgage Application |
Buyers, Lender |
Once the Buyers have a good idea of the type and cost
of the home they wish to purchase. |
Before a purchase can be made, the loan must be
approved. |
Buyers should speak with their selected lender,
complete a loan application and provide requested financial
documents. |
| Seller's Property Disclosure |
Seller |
Should be done before Buyers tender an offer. |
This is a good way to find any issues with the property
know to the homeowner. |
A standard form is
available to Sellers. They should complete and provide to me or
to Buyers. |
| Lead Based Paint Disclosure |
Seller, Agents |
Should be done when Buyers first view the property. |
Federal Law for homes built prior to 1978. Since lead
based paint can have serious health impacts, buyers must
be informed about its known presence. |
There are 2 standard forms available. The definition of
obligations and the disclosure.
Sellers must complete the disclosure and provide to me or to
Buyers. |
| Purchase Agreement |
Buyers, Agents, Sellers |
After all of the above. After Buyers and I determine an
offer price, terms and negotiating strategy. |
This is the legal presentation of an offer to
purchase. It describes all terms of the purchase. |
I will research similar properties and current
ownership issues. Then in concert with Buyers will determine the
terms and complete the contract offer. The contract should take
about 1-2 hours to complete. |
| Inspection |
Buyers, Inspector |
After purchase agreement has been accepted by Buyers
and Sellers. |
This is the best way for the Buyers to discover any
issues with the property. |
Inspector will require a 3-5 hour
visit into the property with unrestricted access. They will then
provide a comprehensive report on property condition along with
recommended remediation. Please contact
me if you would like Inspector references. |
| Survey |
Surveyor |
After purchase agreement has been accepted by Buyers
and Sellers. |
To clearly identify the property lines. |
Who hires and pays the surveyor, and the type of survey
required is negotiable and specified in the purchase agreement. |
| Title Commitment |
Seller, Title Co. |
After purchase agreement has been accepted by Buyers
and Sellers. |
To verify that Title Insurance can be issued to the
Buyer. |
Title Company does the research then provides documents
to Buyer. |
| Survey Review |
Buyers, Agent |
After completion of the Survey. |
To verify the property lines match the legal
description, and to identify easements and encroachments. |
I will review the Survey results and Title Documents
with the Buyers. |
| Title Review |
Buyers, Agent |
After receipt of the Title Commitment. |
To verify that the Title to the property is conveyable
to the Buyer and that title insurance is sufficient. |
I, in concert with Buyers, will review Title Documents
for completeness, discrepancies, and other issues. |
| Appraisal |
Buyers, Appraiser, Lender |
Typically after inspections. |
Required by lenders to validate that the property can
serve as collateral for the loan. |
Lender usually selects an appraiser and schedules a
time when they can visit the property. Usually does not take
more than 3 hours. |
| Homeowners Insurance |
Buyers, Insurance Agent |
Required as soon as possible, but definitely before
closing. |
To protect you from catastrophic loss. |
Buyer should contact Insurance Agent early in the
process, then provide required details as we approach closing. |
| Final Walk-through |
Buyers, Agent |
Typically immediately prior to the closing. |
Gives the Buyers the opportunity to review the property
for problems that were not present during inspection and
appraisal. |
I will schedule a time to view the property just prior
to the closing. |
| Closing |
Buyers, Agents, Sellers, Title Co. |
On closing date per purchase agreement. |
To take ownership of your property. |
Closing is typically conducted at the title company.
Buyers and Sellers do not necessarily have to be present. |
