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Real Estate Wiki
  • Welcome!
  • Meet the Author, Penny Xu
  • Steps
    • Buying Process
    • Selling Process
  • Useful Terms
    • For buyers
      • Zoning
      • Warehouse Fee
      • VA Funding Fee
      • Underwriting Fee
      • Title
      • Tax Service Fee
      • Title Policy
      • Time is of the Essence
      • Termite Inspection
      • Survey
      • Septic Inspection
      • Recording Fee
      • Owner's Title Policy
      • Points
      • Principal
      • Mortgagee's Title Policy
      • Mortgage
      • Loan Origination Fee
      • Fair Market Value
      • Exclusive Right To Sell Listing
    • For sellers
      • Escrow
      • Escrow Fee
      • Encumbrance
      • Earnest Money
      • Discount Points
      • Disclosure
      • Deed
      • Credit Report Fee
      • Courier Fee
      • Convey or Conveyance
      • Conventional Mortgage
      • Chain of Title
      • Balloon Payment
      • Assessed Value
      • Appraisal Fee
      • Application Fee
      • Agency
  • Loans
    • Conventional Loan
    • Adjustable Rate Mortgage
    • USDA Loans
    • VA Loan
    • Non-Qualifying Loan
    • Graduated Payment Mortgage
    • Fixed Rate Loan
    • FHA Loan
    • Community Homebuyer's Program
    • Buy-Down Loan
    • Balloon Payment Loan
  • Taxes
    • Capital Gains Tax
    • FIRPTA
    • Cal Witholding
    • Change of Ownership Filing
    • Supplemental Property Taxes
    • Mello Roos
    • Transfer Tax
  • Disclosures
    • Natural Hazard Disclosure
    • Agent Visual Inspection and Disclosure
    • Home Hardening Disclosure
    • Transfer Disclosure Statement
  • Pre-approval
  • Commission Agreements
  • Contract To Closing
  • "Hidden" Costs?
  • Investment
    • Multifamily
    • Cash On Cash
    • Gross Rent Multiplier
    • Cap Rate
    • Cash Flow
    • 1031 Exchange
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Contract To Closing

Seller accepted offer, now what?

  1. Contract signed and dated

  2. Escrow opened and earnest money deposited

  3. Title Report Requested

  4. Seller orders termite inspection

  5. Property inspection ordered by the Buyer Original termite certificate to Escrow Company

  6. Buyer arranges insurance for home and provides information to lender and Escrow Company

  7. Loan application made

  8. Copy of inspection to Buyer and Seller Buyer provides Seller with repair priority list

  9. Lender orders appraisal

  10. Completed appraisal

  11. Seller/Buyer negotiates and then orders repair work

  12. Buyer is approved by Lender

  13. Other inspections, if needed or requested by Buyer

  14. Repairs completed and approved by Lender and Buyer

  15. Final contingencies removed

  16. Final closing date set

  17. Confirm closing figures with Escrow Officer Buyer must bring check in order to close

  18. Closing

  19. Title Policy Issued

PreviousCommission AgreementsNext"Hidden" Costs?

Last updated 3 years ago

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