Buying a home involves several stages. Below is a list of the more common steps during a residential transaction.

Your situation may vary and it is best to contact your real estate professional for more information.

Initial Meeting Select real estate agent Determine needs and wants Determine financial eligibility

Loan Qualification

• Discuss finances
• Obtain prequalification

  Find a Home

• Select an affordable property that fits your needs
• Discuss offer with agent
• Buyer reviews contract with agent
• Agent presents offer to selling side

  Present and Negotiate Offer

• Buyer prepares "earnest money" deposit (typically, 1 to 3% of purchase price)
• Seller accepts offer (Seller can accept your offer, counter your offer, or reject your offer)

  Open Escrow

• Deposit "earnest money" into escrow
• Escrow will order Preliminary Report

  Submit Loan Application

  Contingency Period

• Conduct Physical Inspection of property by a qualified inspector
• Approve seller's Transfer Disclosure Statement
• Approve Preliminary Report
• Conduct property appraisal
• Obtain loan approval from lender
• Perform termite inspection and certification

  Obtain Homeowner's Insurance

• Select insurance company and coverage
• Insurance will be in effect at close of escrow

  If applicable, obtain Home Warranty insurance

  Sign Documents

• Chicago Title receives signed documents

  Down Payment

• Need cashier's check or money transfer prior to closing date

  Closing the Escrow

• Deposit down payment and closing costs to escrow
• Lender sends balance of purchase price to Chicago Title
• Deed is recorded with County Recorder's office
• Get your keys and move in!