Step 1: Contract Acceptance
Step 2: If this is not a cash sale or if not already started yet -- Loan Application and Income/Employment Verification - Most buyers have started this process before looking for a home and if you were pre-qualified much of this work is complete.
Step 3: Inspections – Did you want an inspection in the P.A.?
Step 4: Escrow Opens - Selecting a title company is most often done by the sellers and the selling agent generally opens the escrow.
Step 5: Property Appraisal – Usually optional if cash sale. This is ordered by and is primarily for your lender to confirm the value of the property. Most often the appraised value will be the amount you have agreed with the seller to buy and sell. Read this report carefully, there is a wealth of information about your new home.
Step 6: Removing Inspection/Property Contingencies - You, as the buyer should the home inspected and review reports before you remove this contingency.
Step 7: Selecting and Obtaining Hazard Insurance - This is coordinated with the Lender and Title Company but it is your task to make happen.
Step 8: Home Warranty - If the sellers agreed to acquire a Home Warranty as part of the purchase, now is the time for it to be ordered. If the sellers are not buying the policy, you may order and pay for one. They generally cost between $300 and $400 and are well worth the expense.
Step 9: Final Walk Though - This is an important inspection made by you to make sure the home is in the same or better condition as it was when the Purchase Agreement was signed. This is where you can verify the seller made required repairs agreed to under the contract and subsequent amendments.
Step 10: Signing Documents - This will be scheduled by the title company and most often will be in their office or if you are not is the same town can be done at a title company in your city. I
FINAL: Title Transfer - Often referred to as "Recording," this is when the actual title of the property is transferred from the seller to the new owner. It is at this point, you will have access, unless otherwise arranged, to your new home.