Real Estate Transaction Process

Blog Post Image
Real Estate

 

Please click on the link below to view the flow chart: 

Real Estate Transaction Flow Chart Process

The flow chart will show the process to get to closing. 

 

 

It all starts with the Buyer getting pre-approved.  A loan evaluation needs to be done to determine how much money the Buyer can actually afford and the best rate possible. From there the search begins with the Buyer's Realtor to find the perfect home that fits needs and budget. 

From there, the Buyer's Realtor will present the Buyer's offer to the Seller's Realtor, who will convey the offer. Negotiations might go back and forth, but not always. Assuming offer is accepted, the Buyer has 3 days to submit an Earnest Money Deposit, this money is held in escrow and will be applied towards the down payment. 

The contract is sent to lender to process the loan. Title company also gets a copy to work on Title search. The Title search is to confirm that the seller has the clear rights to sell the property and if there are any restrictive covenants on the use of the property. 

Once financing is complete and any contingencies are handled, closing documents are finalized. A final walk through of the property right before closing by the buyer confirms that the home is in the same condition as when they put the offer in and any items were to be conveyed with the property are still in place. The seller should already have all of their personal effects moved out of the house, anything that wasn't to convey to the seller should be removed from the property. 

Closing Day has arrived. Today is when the documents are signed transferring ownership. The Buyer gets the keys to the property and the Seller gets money for the sale. Congratulations to both the Buyer and Seller!

 

 

 

 

Rupa Nunamaker

Coldwell Banker

St. Petersburg, FL

ph: call or text 727-430-2350

email ruparealtor@rupaweb.com or rupa.nunamaker@cbrealty.com

Facebook @ruparealtor

Instagram @ruparealtor