The Chronology of a Real Estate Purchase
1. Hire Adam Sarancik as your real estate broker because he will be personally involved in every step of the transaction and his education and experience will make a big difference.
2. Meet with Adam and his recommended lender to make loan application, discuss financing options, and get pre-approved for a loan if you are not paying cash for the property.
3. Search for your new home. The search can be done together and independently, but all contacts with any Seller, Builder or for sale by owner and all showings are made through Adam per the regulations of the Real Estate Commissioner.
4. Adam will prepare and negotiate the real estate contract per your instructions after consultation with him.
5. Adam opens escrow with the Title Company by depositing your earnest money check (usually 1% of the purchase price - credited toward your down payment and closing costs) into escrow along with the real estate contract documents within three business days of mutual acceptance between the Sellers and Buyers.
6. You consult with the loan officer at the lender about the best time to lock in the interest rate for your loan.
7. Have Adam’s recommended team of inspectors inspect the home, the sewer line or septic tank, measure the levels of radon gas, if any, and “sweep” the property for potential underground storage tanks. Inspections usually cost $700 - $1000.
8. Review the Conditions, Covenants, and Restrictions (“C, C, & R’s) for the home, property, and neighborhood.
9. Review the Preliminary Title Report for easements and encumbrances on the property.
10. Have the home appraised. The cost is usually about $700 - $900. The costs of inspections and the appraisal are non-refundable.
11. Arrange for homeowners’ insurance for the property and have your insurance agent send a “Binder” to the lender and to escrow.
12. The underwriting department of the lender will review all documents relating to your loan application, the real estate sale, the preliminary title report, and the appraisal, and will give you final loan approval.
13. If repairs were negotiated and done, you, your inspector(s) and Adam will have a final walk-through of the property to inspect the repair work to be sure it was done properly.
14. You will call all of the utility and service providers for the property to inform them the property has been sold and you are calling to set up or transfer the accounts into your names.
15. The lender sends you an email of the "Closing Disclosure" containing your final loan terms for your approval.
16. Arrange for your remaining down payment funds to be wired to the escrow officer or pick up a cashier's check for them.
17. Three business days after you sign the 'Closing Disclosure", go with Adam, at least two business days prior to the “closing date”, to the Escrow Company to sign the loan documents and deposit the balance of your down payment (which is in the form of “wired funds” or a Cashier’s Check).
18. The loan documents are sent by the Escrow Company back to the lender for Final Underwriting Review and Approval.
19. The lender sends the balance of your loan funds to the Title Company, the Title Company records title to the home with the County Recorder’s Office in your name(s), and funds are disbursed to the Sellers’ lender(s) and to the Sellers.
20. Per the terms of the sale agreement, you get keys to your home from Adam and can begin moving into your new home!
1. Hire Adam Sarancik as your real estate broker because he will be personally involved in every step of the transaction and his education and experience will make a big difference.
2. Meet with Adam and his recommended lender to make loan application, discuss financing options, and get pre-approved for a loan if you are not paying cash for the property.
3. Search for your new home. The search can be done together and independently, but all contacts with any Seller, Builder or for sale by owner and all showings are made through Adam per the regulations of the Real Estate Commissioner.
4. Adam will prepare and negotiate the real estate contract per your instructions after consultation with him.
5. Adam opens escrow with the Title Company by depositing your earnest money check (usually 1% of the purchase price - credited toward your down payment and closing costs) into escrow along with the real estate contract documents within three business days of mutual acceptance between the Sellers and Buyers.
6. You consult with the loan officer at the lender about the best time to lock in the interest rate for your loan.
7. Have Adam’s recommended team of inspectors inspect the home, the sewer line or septic tank, measure the levels of radon gas, if any, and “sweep” the property for potential underground storage tanks. Inspections usually cost $700 - $1000.
8. Review the Conditions, Covenants, and Restrictions (“C, C, & R’s) for the home, property, and neighborhood.
9. Review the Preliminary Title Report for easements and encumbrances on the property.
10. Have the home appraised. The cost is usually about $700 - $900. The costs of inspections and the appraisal are non-refundable.
11. Arrange for homeowners’ insurance for the property and have your insurance agent send a “Binder” to the lender and to escrow.
12. The underwriting department of the lender will review all documents relating to your loan application, the real estate sale, the preliminary title report, and the appraisal, and will give you final loan approval.
13. If repairs were negotiated and done, you, your inspector(s) and Adam will have a final walk-through of the property to inspect the repair work to be sure it was done properly.
14. You will call all of the utility and service providers for the property to inform them the property has been sold and you are calling to set up or transfer the accounts into your names.
15. The lender sends you an email of the "Closing Disclosure" containing your final loan terms for your approval.
16. Arrange for your remaining down payment funds to be wired to the escrow officer or pick up a cashier's check for them.
17. Three business days after you sign the 'Closing Disclosure", go with Adam, at least two business days prior to the “closing date”, to the Escrow Company to sign the loan documents and deposit the balance of your down payment (which is in the form of “wired funds” or a Cashier’s Check).
18. The loan documents are sent by the Escrow Company back to the lender for Final Underwriting Review and Approval.
19. The lender sends the balance of your loan funds to the Title Company, the Title Company records title to the home with the County Recorder’s Office in your name(s), and funds are disbursed to the Sellers’ lender(s) and to the Sellers.
20. Per the terms of the sale agreement, you get keys to your home from Adam and can begin moving into your new home!
