R E A L E S TAT E S A L E A N D P U R C H A S E H O W D O E S T H I S W O R K? A S T E P - B Y- S T E P A P P R O A C H
Chooses a real estate broker (selling broker) and look at properties
The seller chooses a real estate broker and lists their property
Chooses loan officer for loan pre-approval
The offer comes in and is accepted
Makes an offer and it is accepted
Escrow is set up, usually by the seller’s real estate professional (also called the listing broker)
Escrow is set up, usually by the seller’s real estate professional
Review preliminary title report
Earnest money is deposited into escrow
Review the inspection reports, negotiate repairs
Review preliminary title report and exceptions
Any contingencies between buyer and seller are released
Sends any final documentation to loan officer for final loan approval Orders inspections as recommended by their real estate professional
Responds to any requests for information from the escrow officer Final documentation arrives at escrow
Reviews the inspection reports, negotiates repairs
Signing appointment is scheduled
Any contingencies between buyer and seller are released
The buyer’s lender reviews the signed documents
Responds to any requests for information from the escrow officer Final documentation arrives at escrow
Clearance is given by the buyer’s lender to record the documents and funds are sent to escrow After recording the funds are disbursed and usually possession is given to the buyer
Signing appointment is scheduled Obtain a cashier’s check or make arrangements for a wire transfer for the balance of funds to close After signing, the loan documents are reviewed by the lender Clearance is given by the lender; they instruct escrow to record, and send the loan funds to escrow Usually after recording the buyer receives possession
FIRST AMERICAN TITLE - PEARL BRANCH 120 NW 14th Ave, 100 Portland, OR 97209 503.350.5099 cs.portland@firstam.com www.firstampdx.com
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