You're buying a home! Here are the 10 Steps to Closing Escrow.

Today's the day! Your offer has been accepted! Now you wonder...what happens next? It's time for the team to get to work. Your lender, title company and realtor is the Dream Team that works to get the job done!

Here are the steps to getting the keys to your new home.

1. Buyer's remorse. Expect it. Everyone gets it. Then get over it! You've wanted to get to this moment through months of looking, writing offers, getting beat out, writing more offers, and on and on. You're where you want to be! Let's get the escrow closed!
2. Contract and Earnest Money to Escrow. Your agent will arrange for the fully executed contract (signed by both buyer and seller) to be delivered to the title company handling the escrow. Your deposit check is deposited with the title company and cashed at this time. Keep in mind that if the contract is cancelled, the escrow officer must receive mutual agreement from both buyer and seller before earnest money can be returned. Your agent is responsible for making sure you stay within the bounds of the contract so that your money is protected.
3. Loan Approval. As soon as possible after agreement, meet with your lender to proceed with loan approval. Loan approval has the longest lead time in the escrow process, so it is important that you get on this as soon as possible to avoid any delays. Your lender will also schedule an appraisal to ensure that the  purchase price is supported which is necessary for loan approval.
4. Inspections. Your agent will schedule any desired inspections that you are responsible to pay for. You are free to choose the inspectors, or your agent may have referrals for you. He or she will receive reports of any inspections coordinated and paid for by seller. You are welcome to be present at the inspections, and most inspectors welcome any questions you might have.
5. Disclosures. The seller must deliver to your agent required disclosures about the property such as the Transfer Disclosure Statement (TDS) and Seller Property Questionnaire (SPQ), usually within 7 days of agreement. Through these disclosures, the seller must reveal any material facts that might influence your decision to purchase the property. 
6. Negotiate repairs. Should any of the inspections reveal items needing repair, you may ask the seller to address them through a "Request for Repair" form provided by your agent.
7. Contingency Removal. Once the loan is approved, the appraisal comes in at value, and all inspections and disclosures have been reviewed, it is time to remove all contingencies and move to close the escrow. This must be done in writing by your agent and usually occurs at Day 17. At this point your earnest money deposit is now committed to the contract, and the seller has a right to pursue this money should you cancel the contract past this point.
8. Moving to Close. The loan documents are prepared and sent to the title company, and you will be contacted by the title company to set an appointment to sign them.  You will also need to bring necessary closing funds in the form of a cashier's check in the amount given to you by the escrow officer The seller will also set a separate appointment to sign their necessary closing documents.
9. Final Walkthrough. Within 3 days before the close of escrow, you and your agent will visit the property one last time to make sure it is in the same condition as when you made the decision to purchase it.
10. Utilities. Make sure to call the appropriate utility companies to schedule your utilities to be transfered over. Your agent will be able to supply you with a list of local companies.
11. Closing. A few days after signing, depending upon the lender and title company and their schedules, your loan will be funded and the deed will be recorded at the County Recorders Office.
12. It's all yours! Your realtor will meet you to hand over the keys to your new home!

Remember that you don't have to do all this alone! Your agent will help you through every step of the way. He or she will keep you on track with the timelines of the contract, and protect your interests throughout the process. Nothing ever goes completely as planned, so your agent and other professionals on the team will help navigate any pitfalls and get the transaction back on track.

Find more homebuying information here!