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What happens from Contract to Closing begins here...
Contract is signed upon reaching an agreement.
1
The contract and the earnest money deposit is delivered to the title insurance company, and the preliminary report is ordered.
2
An application for a loan is submitted to the lender or mortgage broker.
3
Title Commitment is issued to lender and Real Estate Professional.
4
Buyer's Loan is approved.
5
Loan documents and instructions are delivered to the title insurance company.
6
Closing date is scheduled by the parties involved.
7
THE CLOSING:
Escrow instruction and loan documents are signed by the buyer with assistance of the escrow officer. Seller signed over deed to buyer.
9
The lender transfers the funds to the escrow account.
8
The deed is recorded transferring ownership of the property. Escrow file is closed with final account and settlement statement delivered to all parties. The process is complete.
10
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