Selling a property may seem complex, but don’t worry. Below is a concise and simplified breakdown of the home selling process, step by step, for a clear and easy understanding.
Step 1: The offer: an exciting first step
Once a buyer has chosen his property, he will submit an offer. This legal document communicates his interest in buying the property and the price he is willing to pay. The buyer’s real estate agent will help create this offer, which includes a mortgage approval letter, if applicable. If the purchase is for cash, a bank statement showing the available funds will be attached.
Step 2: Acceptance of the offer: time to make the decision
Upon acceptance of the offer, a Title Company is instructed to handle the ownership transfer paperwork, overseen by specialized attorneys. In addition, the buyer makes a reservation of title by depositing a percentage of the final offer amount, usually between 1% and 3%, in an “Escrow Money Deposit.” It is critical to note that procedures may vary for pre-construction scenarios.
Step 3: Close – Make the sale happen
After an in-depth title investigation and the approval of the contracted law firm, the date for signing the sales contract is determined. During this process, the remaining payment for the property is made and the transfer of title to the new buyer is executed.
There you go! A comprehensive overview of the key steps in the process of selling a home. Remember, having an experienced real estate agent can greatly ease this journey and give you the peace of mind you need. If you have questions or need more details, please don’t hesitate to get in touch. I am here to guide you at every stage towards the successful sale of your property.