The Closing Process

Curious about what happens during the typical Real Estate Closing Process? This is what you can expect:

Step One: Negotiations

The buyer submits an offer to the seller.
The seller can either accept the buyer's terms, or submit a counteroffer to the buyer.
The negotiation process continues until both parties agree on the terms.

Step Two: Mutual Acceptance

Once the parties have agreed and signed off on all of the terms, mutual acceptance is created.
The date of mutual acceptance will direct all future deadlines within the contract.
If an inspection is to be conducted, the buyer's agent will schedule and attend the inspection.
The findings of the inspection will be negotiated between the buyer and seller until mutual agreement on repairs is reached.

Step Three: Legal Documents

The buyer's agent will open escrow with the closing agent identified in the purchase and sale agreement. A copy of the mutually accepted contract will be sent to escrow and the earnest money check will be deposited.
Escrow will conduct a title search, order payoff information, and prepare the closing paperwork.
The buyer will complete a formal loan application and apply for home owners and title insurance.
The buyer's lender will order an appraisal and submit the loan application for final underwriting. Once the loan receives full approval, the loan documents will be sent to escrow.

Step Four: Schedule Closing

The closing agent will schedule signing appointments for the buyer and seller.
The lender will send all documents to escrow to be signed.
The closing agent will provide all parties with the settlement statement to be reviewed.
Once the buyer has signed the documents, they may be sent back to the lender for review.
When the closing date is reached and all documents have been signed and reviewed, escrow will record the deed and disburse funds to the seller.
The keys will be exchanged and the buyer will obtain possession of the house.

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