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Real Estate Closing Process
We in the industry often forget that a lot of people are new to the closing process. It is with that thought in mind that i write this. I will start at the beginng, with a buyer finding a house. When the buyer finds a house they like, the first step is to put in an offer. It is important that the offer be as specific as possible. Some courts have held that an offer that is accepted is binding even without a purchase and sales agreement. If the offer is accepted, the next step is a purchase and sales agreement. often times this will be put together by one on the Realtors. You may, howevr, have an attorney draft the purchase and sales agreement for you. Once the purchase and sales agreement is siigned, the clock starts to tick. If inspections are authorized by the purchase and sales agreement, there is a limited time to get them done. Also, if the deal is contingent on your obtaining financing, there is a timeline there as well. As part of the mortgage approval process, the home will be appraised and a request for title examination will be sent to a title attorney. ... more

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