| Step 1 |
Subject removal: The most common subjects are inspection, financing, state of title and insurance. These conditions must be removed or waived in writing before the purchase on your new home can close. |
| Step 2 |
Appraisal: Your lender requires a formal appraisal to confirm the value of the home you're buying, to use as collateral to secure the loan. |
| Step 3 |
Prepare closing documents: real estate lawyers or notaries prepare documents that confirm the transaction, adjust funds, etc. |
| Step 4 |
Signing of closing documents: Although both parties may have signed closing documents and deposited funds, the sale actually closes when the deed is recorded and the proceeds are available to the seller. |
| Step 5 |
Signed documents go to the lender for final review. |
| Step 6 |
The deed is recorded and funds disbursed. |
| Step 7 |
The seller receives the proceeds and the moving van arrives. |
| Step 8 |
You get the keys to your new home! |
Once you have found the home you want to buy, there are several additional steps you need to take to close the sale after the purchase and sale agreements have been signed.