The Process, Step-by-step
The Initial Agreement and Deposit
Once you have a signed Purchase and Sale Agreement, here are some important tips to keep in mind to streamline the process:
- Your Portland’s Choice Realty real estate agent will assist you in drafting all the paperwork for your purchase and make sure that you have copies of everything. Be sure you keep written records of everything.
- Stick to the schedule. You will be given a timeline to mark every stage in the process of closing the real estate contract. Meeting the requirements on time ensures a smoother process so that each party involved is not in breach of their agreements. During the process we will keep you constantly updated, so you will always be prepared for the next step.
Inspections
Once your offer is accepted by the seller, you may choose to have a property inspector inspect the property within the time frame that was agreed upon in the purchase and sale agreement. Your Portland’s Choice Realty real estate agent can advise you on the types of inspections, recommend inspectors and schedule and attend the inspections. Depending on the results of the inspections, you can either move forward with the sale as-is, request a renegotiation of the contract terms, or terminate the contract. Your Portland’s Choice Realty real estate agent can advise you of your options.
Appraisal and Lending
It is imperative that you keep in close communication with your lender, who will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution. This is done so that the lending institution can confirm their investment in your property. Your Portland’s Choice Realty real estate agent will be in close contact with your lender to be sure the loan will go through smoothly and on time.
The Closing Agent
Either a title company or an attorney will be selected as a closing agent. The closing agent will research the complete recorded history of the property to ensure that the title is free and clear of encumbrances by the date of closing. Owner’s title insurance will be offered to protect your interest. The closing agent will also work with your lender in preparing the documents for closing. Your Portland’s Choice Realty real estate agent can explain the closing statement and advise you on title insurance.
How to Hold Title
You may wish to consult an attorney or tax advisor on the best way to hold title. Different methods of holding title have different legal, estate and tax implication, especially when selling or upon death of a title holder. Your Portland’s Choice Realty real estate agent can explain the different ways to hold title.