Step by Step: From Escrow to Closing
Please contact us about buying real estate in the Greater Philadelphia Region.
Confused by the seemingly complex series of events that lead up to the purchase of your new home? We hope this step by step list helps!
Enter into Buyer's Representation Agreement with CENTURY 21 Huntoon
Signed Earnest Money Contract.
Agent delivers Contract to Title Company with Earnest Money Check.
Title Company opens file and orders Title Commitment and Taxes.
Title Company obtains pay off information from lender.
Buyer applies for loan, if necessary.
Buyer orders termite inspection, if required.
Buyer orders mechanical inspection, if required.
Title Company receives Title Commitment and reviews Title Commitment for title defects and lets Realtors know ASAP.
Loan approval received from loan company.
Title company issues Title Commitment (MIL) to loan company and forwards to Buyer/Buyer's Agent.
Confirm closing date and time with Escrow Officer at Title Company.
Buyer orders homeowners (hazard) insurance policy.
Title Company receives loan closing instructions from loan company and prepares necessary documents and closing statements pursuant to loan company's closing instructions.
Closing Takes Place!