What to Expect in a Residential Transaction

Buying a home involves several stages. Below is a list of the more common steps during a residential transaction. Your situation may vary and it is best to contact your real estate professional for more information.

Common Steps for Buying a Home
Initial Meeting Select real estate agent. Determine needs and wants and financial eligibility.

Loan Qualification
Discuss finances. Obtain pre-qualification.

Find a Home
Select an affordable property that fits your needs. Discuss offer with agent. Buyer reviews contact with agent. Agent presents offer to selling side.

Present and Negotiate Offer
Buyer prepares "earnest money" deposit (typically, 1 to 3% of purchase price). Seller accepts offer (Seller can accept you offer, counter your offer, or reject your offer).

Open Escrow
Deposit "earnest money" into escrow. Escrow will order Preliminary Report.

Submit Loan Application

Contingency Period
Conduct Physical Inspection of property by a qualified inspector. Approve seller's Transfer Disclosure Statement. Approve Preliminary Report. Conduct property appraisal. Obtain loan approval from lender. Perform termite inspection and certification.

Obtain Homeowner's Insurance
Select insurance company and coverage. Insurance will be in effect at close of escrow.

If applicable, obtain Home Warranty insurance.

Sign Documents
United Title receives signed documents.

Down Payment
Need cashier's check or money transfer prior to closing date.

Closing the Escrow
Deposit down payment and closing costs to escrow. Lender sends balance of purchase price to United Title. Deed is recorded with County Recorder's Office. Get your keys and move in!