Now that you have decided to buy your home, what happens between now and the time you legally own the home?  A Loan Officer, Title Company and your Realtor® may handle the following items.  . 

Deposit Money – An agreement to convey starts the process once it is received at the Title/Escrow office.

Once you submit the loan application, it is usually subject to a credit check, an appraisal, and sometimes, a
survey of the property.

Inspections - Inspections - Inspections;

Appraisal, Pest Report (paid by Seller, usually),
Buyer's Home Inspection, any many others if the buyer elects or the buyer and seller agree upon.

Tax Check – What taxes are owed on the property?  The Escrow officer of the Title Company office
contacts the municipal tax collectors and “pulls” a preliminary title report.  A report called the
“Property ID” is also ordered (thru your Realtor) by the Escrow officer.

Title Search – Copies of documents are gathered from the local land titles office: deeds, deeds of trust,
various assessments and matters of probate, heirship, divorce, and bankruptcy are addressed.

Examination – Verification of the legal owner and debts owed.

Document Preparation – Appropriate forms are prepared for conveyance and settlement.

Settlement – A Escrow Officer oversees the closing of the transaction: seller signs the transfer, you
sign a new mortgage (trust deed), the old loan is paid off and the new loan is established.  Seller, Realtors®,
attorneys, surveyors, and other service providers for the parties are paid.

Talk to your Realtor® about the process in your area.


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