Home Buying process:
- Negotiate & agree upon price
- Get a home inspection
- Sellers lawyer sends buyers lawyer contracts after inspection
- Buyers lawyer sends contracts via email or regular mail to buyer to
sign & give deposit- usually 5-10%
- Buyers lawyer sends contracts back to sellers lawyer- then seller signs
- NOTE: Until contracts are signed on both sides seller can accept another offer.
- Once contracts are signed your lawyer may order a survey, however, sometimes there is an old one that is OK to use. If you are getting a mortgage then an appraisal will be ordered
- Next your lawyer will order a title search- to make sure there are
no liens or judgments on the property
- Then the deal will go to the banks underwriting process where they
do a last minute credit check
- Next they will schedule a closing.
- Cash deals can close by mail if buyer & seller give their lawyers
permission to do so.