2. Sign the contract, and offer to purchase. a. Realtor may prepare contract if you found home through realtor. b. Attorney may prepare contract if you found home on your own. c. Contract is submitted to seller for acceptance or counter offer.
3. Seller accepts offer and signs contract.
4. Attorney reviews contract. a. You have 3 days to have contract reviewed and amended for your protection b. Contract should immediately be forwarded to your attorney for review. c. Discuss with your attorney the details of contract and the special requirements you need to have added. d. Attorney review is completed and the agreement is confirmed.
5. Do Home Inspection a. You should be at the inspection. b. Have results forwarded to your attorney. c. Discuss results with attorney to request repairs or credit.
6. Apply for Mortgage (This should be done immediately after attorney review.) a. Buyer can start application process before signing contract to get a pre-approval letter. This can show Seller that you are qualified for the amount you intend to borrow. b. The Mortgage Lender will appraise the home.
7. Attorney will order Title Search and Survey a. Usually started after all home inspection issues have been agreed upon and mortgage approved, as you will be responsible for the cost even if you don’t close. b. Search may show issues to be resolved including judgments against a name similar to Buyer’s names.
8. Apply for and obtain homeowners insurance.
9. Your attorney and mortgage lender will schedule closing with Seller’s attorney.
10. One or two days before the closing, your attorney will tell you how much money you will need to bring to the closing. Check must be a Bank Cashier’s check payable to your attorney’s trust account.
11. Buyer should do a pre-closing inspection of the home with realtor to confirm Seller is out of the house and everything there is working.
12. Come to closing, and sign mortgage closing documents.
This outline is intended to be an illustration and does not cover every potential situation.
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