Navigating the Purchase Process

The actual procedure for buying a property can vary from region to region but in general will follow this pattern.

• After determining the price to be offered on the selected property a written Offer to Purchase is drawn up, signed by the buyer and then submitted to the listing agent.
• A “good faith” deposit can accompany the offer or can be deferred until a price acceptable to both parties has been negotiated and then put into escrow within 3-5 days of the signed and accepted contract. If no agreement on price is reached, all deposits are returned to buyer.
• The next step is ordinarily a physical inspection of the property by a licensed home inspector paid for by the buyer, usually within 5 days from acceptance.
• Non cosmetic deficiencies uncovered by the inspection are then brought to the seller’s attention to be corrected. If an agreement regarding these repairs can’t be reached, the deposit is returned to the buyer.
• If the contract calls for a mortgage, the buyer must apply for a loan usually within 7 days of acceptance. If the buyer is turned down for the loan, the escrow deposit is returned to the buyer.
• During this time a closing agent or attorney is selected to research title to the property, issue a title insurance policy and then close the transaction. Costs associated to the closing procedure can be a matter of negotiation but in general are borne by the seller.
• A cash transaction can close very quickly, possibly 2 to 3 weeks, while one involving a mortgage can go an additional 2 to 3 weeks.

The entire process can be a seamless and enjoyable process when knowledgeable Realtors are involved so always work with a Realtor.

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