- Agent & Buyer determine Buyer needs, wants, timeframe, and financial options
- Agent reviews the search and buying process, current market conditions and trends, Buyer costs, and the real estate Agency
- Agency Disclosure and Buyer-Representation Agreement signed
- Disclosure package reviewed with Buyer
- Agent works with Buyer to secure loan pre-approval
- Agent sets up automatic alert system for new listings that match Buyer’s parameters
- Agent identifies and previews properties through MLS and brokers’ tours
- Agent provides resources for neighborhood and community information
- Agent and Buyer tour properties: showings by appointment, broker tours, open houses
- Agent and Buyer review benefits and drawbacks of specific properties
- Buyer identifies new home to purchase
- As appropriate, Buyer checks the online Megan’s Law database, and local crime statistics with neighborhood police
- Agent reviews with Buyer the mortgage, closing and ongoing ownership costs pertinent to selected property
- Agent and Buyer review property disclosure package from Listing Agent
- Agent queries Listing Agent further on property issues, Seller situation and preferences, past offers, existence of other current offers and offer presentation guidelines
- A comparative market analysis of the property is prepared and reviewed to determine offer price
- Financing pre-approval letter procured from loan agent
- Agent and Buyer review offer and negotiation strategies, including offer price, due diligence contingencies, fixtures and personal property included, and close of escrow
- Offer contract is written at Buyer’s direction; Agent collects Buyer’s initial deposit check
- If very short contingency periods are being offered for inspections and/or financing, Agent to coordinate scheduling of tentative inspection and appraisal appointments
- Agent prepares offer for presentation to Seller and/or Listing Agent: agency disclosure, offer letter, loan pre-approval letter, copies of Buyer-signed disclosures, etc.
- Agent negotiates offer and counter-offers on Buyer’s behalf and at Buyer’s instruction
- Agent receives back from Listing Agent the fully executed purchase contract, carefully reviews it for completeness, and provides copy to Buyer
- Escrow is opened, Preliminary Title Report ordered, Buyer’s initial deposit check delivered to escrow company
- Agents provides escrow information and copy of accepted contract to Loan Agent
- Agent prepares a Timeline for the Removal of Contingencies and Close of Escrow for Buyer, Listing Agent and Escrow Agent detailing contractual obligations of each party
- Appraisal appointment coordinated with Lender and Listing Agent
- Buyer confirms homeowner’s hazard insurance for new home; Buyer’s Insurance Agent contacts Escrow Officer with required policy information
- Agent coordinates Buyer-specified inspections—structural pest control, contractor, structural engineer, soils, roof, fireplace, etc. (see Buyer’s Inspection Advisory)
- Agent monitors the timely receipt of property disclosures, reports and other documents, as statutorily or contractually required, for Buyer’s review and approval
- Preliminary Title Report is carefully reviewed by Agent, Buyer, Lender and, as necessary, Buyer’s attorney
- Agent attends all inspections with Buyer; Agent completes Selling Agent portion of Real Estate Transfer Disclosure Statement after careful walk-through of the property
- Agent and Buyer carefully review inspection reports for Buyer’s approval, further clarification or objection
- Agent and Buyer review county/city, natural and environmental hazard and other required reports for Buyer’s approval, further clarification or objection
- Agent facilitates collection of additional information—further inspections, contractor quotes, legal advice, etc.—necessary for Buyer to understand/quantify issues pertinent to the property’s condition or circumstances
- Agent verifies loan commitment and funding details with Lender and Escrow Agent
- As applicable, contingencies of sale—financing, investigation, title, etc.—are removed, or Agent re-negotiates the terms of the purchase at Buyer’s instruction. Agent prepares appropriate addenda or contingency removal documents
- Buyer increases deposit in escrow as contractually specified. Agent prepares the Receipt for Increase Deposit/Liquidated Damages for Buyer and Seller signature
- Property repairs or remediation, if any, are completed by Seller
- Buyer final walk-through of property
- Buyer consults with Buyer’s accountant or attorney to determine method of holding title
- Agent reviews Home Warranty option with Buyer
- Agent provides final instructions to escrow, and confirms Seller’s FIRPTA affidavits
- Agent and Buyer review the Estimated Closing Statement, and, if Buyer desires, complete loan and closing documents for Buyer’s review prior to signing appointment
- Agent and Buyer meet Escrow Agent for signing of closing documents
- Buyer makes arrangements for final funds—balance of cash deposit and closing costs—to be delivered to escrow by wire or cashier’s check
- Buyer makes moving arrangements, schedules change of utilities and alerts any Homeowner’s Association of pending change of ownership
- Agent confirms with Escrow Agent everything is set for scheduled close of escrow
- Buyer loan funds; transfer of title is recorded
- Close of Escrow
- Agent procures and delivers keys, alarm codes, garage genies to Buyer
- Agents follows up to check in, offer help, provide resources, and solve any problems that might have arisen