The process of closing of your transaction is called Escrow, which begins after mutual acceptance.  

A neutral third party escrow company, chosen by the seller, takes you through the following steps:

1. Title Search

2. Escrow Preparations

3. Sending Loan Documents to Escrow

4. Seller Signing

5. Buyer Signing

6. Payment or Wire Transfer of Down Payment and Closing Funds

7. Lender Review

8. Funding the Purchase Loan (Mortgage)

9. Recording of the Sale

10. Exchange of Keys 

An earnest money deposit is a sum of money that a buyer deposits into Escrow as a sign of good faith when your offer is accepted on a property. The typical earnest money deposit is between 1% and 5% of the purchase price depending on the local housing market dynamics. Earnest money shows as credit on your settlement statement at closing.

The buyer selects, hires, and pays for an inspection, where you receive a detailed report of the general condition of the property. This includes the home’s foundation, roof, plumbing, electrical system, HVAC system, and other major components. TDT will assist you in reviewing your inspection report, determine if any additional inspections are needed, and create an inspection repair punch list to present to seller(s). 

Closing costs are expenses related to a sale of real estate. At least 3 business days before closing, your lender will give you a document to sign called your Closing Disclosure (CD). The CD lists every closing cost you need to pay at closing. Typical delivery of this money is done through wire transfer or cashiers check. Common closing costs are: application fee, appraisal, closing fee, credit reporting fee, mortgage insurance, HOA transfer, homeowners insurance, loan origination fee, title insurance, and property tax.

 Potential contingencies include:
- Home Inspection
- Title
- Well Inspection
- Appraisal
- Feasibility Study
- Pending Sale
- Financing
- Neighborhood Review
- Attorney Review
- Contingent Home Sale
- Septic Inspection