Buyer’s Guide to the Home Buying Process
(All time frames assume a 14 day inspection and a 30 day escrow)
- Your buyer’s agent will open escrow – that is, she will submit the contract and your earnest money to your escrow officer and also to the lender. At that point, the escrow officer will
- Generate a receipt of funds which will be deposited into an account
- Begin a title search (Title Commitment will be issued within 5 days)
- Issue documents to you via mail to initiate the escrow process
- Locate information and send it to you regarding the CCR’s, HOA’s,
Days One thru Fourteen – Your Inspection Period
You have an inspection period to investigate the property. Once this period ends, you cannot change your mind without risking your earnest money. However the loan and appraisal contingencies remain in place.
- Begin gathering and giving all necessary documentation to your loan officer.
- You and your agent should arrange for your inspections of the property. You may or may not choose to be there with the home inspector.
- Home Inspection
- Termite Inspection
- Other inspections (well, mold, roof etc.) as required or desired
- Disclosures you will need to review and sign in the first five days will be sent out
- Seller Property Disclosure Statement (SPDS)
- CLUE Report or Claims Loss Letter
- Preliminary Title Report
- Once you have inspected the property, and before the end of the inspection period, you and your agent will generate a Buyers Inspection Notice and Sellers Response (BINSR). This allows you to accept or reject the property, or negotiate for repairs.
Days Fifteen through Thirty
- Your lender will continue to collect documents from you and will order an Appraisal of the home.
- Any Repairs that you and the seller have agreed to will be made.
- If applicable, the Septic Tank will be pumped, inspected, and certified.
- Your agent will assist you in ordering a Home Warranty if applicable.
- Arrange to have all Utilities transferred to your name.
- Three days prior to closing, you and your agent will conduct a Final Walk-Thru. Arrange at this time for Key pick-up.
- You will be called into the Title Company for an appointment to sign loan and closing documents
- Once the Buyer and Seller have signed all documents and the loan has been funded, the deed will be recorded with the county.
Congratulations on your New Home!