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What happens next?
1) Sales contract assembled
2) Administrative assistant/sales associate
- Send contract copies to all parties.
- Deposit earnest money as per contract.
- Arrange for condo/HOA documents to be forwarded to purchaser.
- request name of title company from purchaser.
- Notify current lender/vendor of approaching payoff.
- Direct seller to forward option documents to tenant (DC only)
3) Remove home inspection, short term contingencies.
4) Choose settlement company and/or attorney and lender.
5) Order title process.
6) Loan application.
7) Order title work.
8) Request job, savings, checking verifications, and credit report.
Order appraisal requested.
9) Obtain abstract, order abstract update, and assessment search.
10) examination of title and survey.
11) Prepare title binder and forward to lender.
12) Receive verifications and appraisal. Documents reviewed for correctness
and completion. request additional information as needed.
13) FHA loan application signed by purchaser. Loan file file assembled and
submitted for approval. File submitted to private insurer.
14) Listing agent contacts seller to resolve any title problems.
15) Loan file:
- approved
- additional information requested
- rejected
16) Loan approved and notification to:
- sales associate
- purchaser
Without mortgage approval, transaction cannot be processed.
17) Obtain hazard insurance.
18) Payoff figures received from present lender.
19) Closing date set with lender.
20) Closing date set with title company.
21) Help arrange termite inspection.
22) Purchaser/seller transfer utilities.
23) Sign loan commitment.
24) Obtain certified funds for settlement.
25) Notify parties involved of closing date and place.
26) Closing instructions and loan proceeds check issued by lender or investor
and sent to title company.
27) Prepare mortgage documents and buyers statement. Prepare real estate
closing documents and seller's statement.
28) Withdraw interest bearing account and/or excess deposit and forward to
title company.
29) Conduct walkthrough.
30) CLOSING
- title transferred
- mortgage documents signed
- funds disbursed according to local practice
31) Packages prepared for:
- mortgage lenders
- recording
- accounting
- title insurance
32) Closing documents received, file packaged for service and sale.
33) File documents with county/city
34) Issue title insurance policy.
35) Record releases on receipt of paid note.
36) Release of escrows.
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