Sold! What happens after a contract is accepted? You've found a house, or a buyer has found yours, and everyone has agreed on a price. So, what happens between now and the time it becomes legally owned by you or another party? We understand the home buying process can be a little confusing, so we've put together these steps to help you better understand what happens after the sold sign is posted.
Step 1 - Earnest Money
Deposit is made by purchaser as a sign of good intent to purchase the property.
Step 2 - Tax Check
This determines what taxes are owed on the property.
Step 3 - Title Search
Various public records are collected, various assessments are addressed.
Step 4 - Examination
This varifies the legal owner and all debts owed by the owner.
Step 5 - Document Prep
Forms are prepared for the transfer of title and settlement.
Step 6 - Settlement
The Escrow Officer oversees the closing, various companies performing services are paid.