What happens during the purchase process?

The following 35 steps describe the function that your REAL ESTATE TEAM will perform (Your Real Estate Agent, lender, and the title and escrow company) so that your transaction is successful. After each description, you will see the team member(s) associated with that action, labeled in brackets.

These steps have been numbered to make the process easy to follow, although some of them occur simultaneously. Check with your Real Estate Agent or your lender if you need more detail or clarification.

1.	Pre-approval and evaluation of your financial options	[Lender/Loan Officer]
2.	Choosing the desired property, and presenting the purchase offer and the initial good-faith deposit.	[Real Estate Agent]
3.	The transaction is started at the Title and Escrow Company	[Title and Escrow Company]
4.	The loan application form is completed	[Lender/Loan Officer]
5.	Property inspections are ordered	[Real Estate Agent]
6.	Credit report and property value assessment (Appraisal) are ordered	[Lender/loan Officer]
7.	The contract is reviewed with particular attention to the steps with specific dates	[All team members]
8.	The preliminary title report is reviewed and sent to the lender and Real Estate agent	[Title and Escrow Company]
9.	The disclosure reports are delivered to the buyer	[Real Estate Agent]
10.	The preliminary title report is reviewed	[All team members]
11.	The desired loan is selected	[Lender/loan officer]
12.	The inspections are reviewed and/contingencies eliminated	[Real Estate Agent]
13.	The contingencies are removed from the loan and the deposit is increased, if necessary	[Real Estate agent]
14.	Receipt of increased funds	[Title and Escrow Company ]
15.	Final gathering of documents for loan approval	[Lender/Loan Officer]
16.	The Escrow agent ensures that the title report is free of errors and that it complies with any additional instructions	[Title and Escrow Company]
17.	The package is sent to the lender (Risk assessor) for final approval	[lender/Loan Officer]
18.	Discussion about the selection of an agent for insurance against hidden defects	[Real Estate Agent]
19.	The loan is approved and the loan documents are ordered	[Lender/Loan Officer]
20.	The loan documents are sent to the title company	[Title and escrow company]
21.	The property owner’s hidden defects insurance is ordered (warrantee)	[Title and escrow Company]
22.	The closing date, and the required final balance needed to close the transaction, are confirmed	[Real Estate Agent]
23.	The Real Estate Agent gives final instructions for the closing	[Real Estate agent]
24.	Final conditions of loan are reviewed with the Escrow Agent	[Lender/Loan officer]
25.	The escrow instructions are formulated	[Title and Escrow company]
26.	The escrow instructions are signed (by both buyer and seller) and the loan documents are also signed (by the buyer)	[Title and Escrow Company]
27.	The signed documents are returned to the lender along with the hidden defects insurance policy	[Title and escrow company]
28.	Final visit to the property	[Real Estate Agent]
29.	The loan file is reviewed	[Lender/Loan Officer]
30.	The monetary exchange occurs	Lender/Loan Officer]
31.	The buyer deposits the funds balance in the escrow account	[Title and Escrow company]
32.	The team decides that other measures are necessary for closing	[all team members]
33.	The documents are registered (The Deed) at the County office	[Title and escrow company]
34.	The transaction is closed. Final accounting: Checks are written and sent, a final account statement is produced and all parties are summoned and notified of the closing	[Title and Escrow company].
35.	The keys are handed to the new owner	[Real Estate Agent]