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Countdown to Homeownership Checklist
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Contract Negotiated and all parties have signed
and received copies |
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Home Inspection is ordered by buyer or agent
(seller invited) and performed, report issued
and repairs, if any, are negotiated |
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Formal loan application made. Credit report and
appraisal paid at this time |
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Appraisal performed (Buyer and agent invited),
report is sent to lender and approved |
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Lender receives all documents, sends file to
Underwriter. (If necessary, file then sent to
PMI company for approval) |
Loan Commitment Issued
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Copy sent to buyer's agent |
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Buyer chooses attorney |
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Buyer or agent orders termite inspection |
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Agent notifies attorney to do title search and
prepare seller's deed if necessary |
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A title (proof of ownership of the property)
passes from seller to buyer in form of a deed
(the document that transfers the title) is
signed by the seller |
Closing date is set
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All parties notified |
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Power of attorney ordered from attorney for
parties who cannot attend closing |
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Agent or attorney has all assessment statements
(homeowner's dues, etc) |
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Utilities ordered in buyer's name and out of
seller's name as of closing date |
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Moving scheduled |
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Lender forwards final closing package to
attorney |
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Survey ordered by attorney or agent |
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Attorney runs final update search on Title. HUD
statement sent to agents |
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Agent discusses HUD statement with you and lets
you know the amount you need to bring to closing
in the form of a Certified Check from the bank |
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Listing agent forwards earnest money deposit to
attorney |
| : |
Buyer and agent do a final walk-through
inspection prior to closing |
| : |
Seller usually signs deed the day prior to
closing |
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Survey ordered by attorney or agent |
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Survey ordered by attorney or agent |
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Survey ordered by attorney or agent |
Settlement Day
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Buyer signs Note and Deed of Trust |
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Title Insurance issued |
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Buyer pays attorney by Certified Check per HUD
statement |
Final Closing
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Attorney records all necessary documents
(including deed and mortgage) at the County
Registry of Deeds at the courthouse |
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Funds are then disbursed to receiving parties
(sellers, agents, etc.) |
YOU ARE A HOMEOWNER AT
LAST!
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