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.


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.