1) SELECT A REAL ESTATE AGENT: There are several types of agent relationships, including the traditional Listing (Seller’s) Agent and Buyer’s Agent, and Dual Agents (where the agent represents both the Seller and the Buyer at the same time).

When you see the term “REALTOR®”, you are dealing with a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. To quote the National Association of Realtors®:
“Helping people buy and sell homes is one of the most important and basic services a real estate agent performs. Agents are experts in the process of buying and selling property, financing, government programs, etc. The real estate agent’s expertise facilitates the transaction, saving clients time, trouble and money. Real estate professionals need to have a thorough knowledge of such areas as real estate law, local economics, fair housing laws, types of financing, mortgages and government programs.”

2) THE SEARCH FOR YOUR NEW HOME: There are several steps in searching for your new home. The basic steps to aid you in achieving a smooth purchase are identified below:

a) Obtain Loan Pre-Qualification: Select a mortgage Lender and have them pre-qualify you for the purchase of your new home. This will help you to determine your individual purchasing power and also help both you, and your Realtor®, define the price range of the homes you will be looking at during your new home search.

b) Define Your Individual Needs and Wants: Once you are approved for a mortgage and know “how much house you can afford,” you need to set your individual priorities for home size, location, styles and features. Your Realtor® can help guide you in matching these needs and wants with homes that fall within your pre-qualified price range.

c) Select your New Home “Search Area”: Now that you know where and what you are looking for, you can begin to preview information on available homes. In addition to your Realtor®, one such source is the HomesDatabase – powered by MRIS.

d) Review Sales and Tax Data: As you begin to develop your New Home “Shopping List,” you will want to consider the available information relating to current sales trends and pricing of the homes in which you are interested, as well as the tax data relating to each home. All of this information will help you to plan for not only the costs of closing on your new home, but also the likely costs involved in submitting the winning contract and your long-term tax expenses relating to ownership of the property.

e) Drive-By Tour of Homes: So you’ve “narrowed the field,” selected neighborhoods and models you like, and are ready to formally “start shopping.” Armed with the information you have already gathered, you can begin to drive through neighborhoods to both see the homes and the general “atmosphere” and activity of the neighborhood or street you are considering. This will help you to further narrow your selections to only those homes and neighborhoods in which you will truly be happy to live. It will also save both you and your agent a great deal of time when it comes to actually touring homes available for sale.

f) Tour Properties in your “Narrowed List” with Your Agent: Now that you have created a “short list” of desired properties, it is time to actually go through the various homes to determine which models might work for you and, eventually, decide on which property you are going to formally offer a contract.

g) Write Your Offer upon the Desired Home: Once you have found that “perfect home,” the time has come to try to make it your own. This can be a complicated process, especially given today’s competitive real estate market. Your Realtor® can help you through this process, drawing on their years of experience to guide you through the strategy of the offer, negotiating the terms and conditions, addressing issues of financing, contingencies in the offer and the scheduling of inspections.

3) SO YOUR CONTRACT HAS BEEN ACCEPTED: This is an exciting, and very busy, time for the homebuyer. In order to fulfill your obligations under the Contract, and ensure your purchase proceeds to a smooth closing, several actions must occur:

a) Mortgage Application & Approval: Now that you are moving forward with the purchase of your home, you will need to make your formal mortgage application, which will require a formal credit check, employment verification and home appraisal. Your mortgage Lender will assist you through all steps in this process. The typical timeframe for final mortgage approval is two (2) to four (4) weeks.

b) Outline the “Settlement Schedule” in Your Contract: Your Realtor® will assist you in understanding this process and the deadlines involved, including those for home and termite inspections, loan approvals (if contingent financing was negotiated), insurance issuance and actual settlement on your new home.

c) Select Your Settlement Company: SettlementOne Title & Escrow, LLC would be pleased to be your settlement company for the purchase of your new home. In order to ensure a timely settlement as required by your contract, it is important to contact SettlementOne as soon as your contract is accepted in order to ensure prompt and efficient scheduling of your closing.

As your settlement company, SettlementOne will perform the necessary title search, issue the required title insurance policies, prepare the HUD-1/Settlement Statement, Deed and related closing documents, and conduct the actual settlement on your new home. We look forward to working with you to make your new home buying dream a reality.

d) Schedule Your Professional Home Inspection: Once again, your Realtor® will assist you in this important part of the home buying process. In order to ensure there are no defects or other items requiring attention in your new home, a professional Home Inspector will conduct a thorough inspection of the property and provide a report of any necessary repair items. Buyer and Seller may then address these issues prior to closing and Seller can arrange for the necessary repairs. Both the Buyer and their Agent should be present for the Home Inspection.

e) Obtain Homeowner’s Hazard Insurance: In order to protect your new home from loss, you will be required by your Lender to obtain a Homeowner’s Hazard Insurance policy. The premiums for payment of the Homeowner’s Hazard Insurance will typically be paid through establishment of an escrow account maintained by your Lender into which monthly amounts are paid on an ongoing basis. The initial Hazard Insurance Premium, however, will typically need to be paid in full prior to closing on the property.

f) Scheduling of Termite Inspection: Your new property is inspected for visible signs of infestation and treated if necessary by a proper pest control company. The Seller arranges for this inspection and the Termite Inspection Report is presented for the parties review and execution at closing.

g) Notify Utilities of Purchase/Closing Date: The Buyer will need to contact the necessary public utilities to advise them of their purchase of the property and the need to establish accounts in their own name on the property as of the date of closing. A listing of most local utilities and their related contact information is available elsewhere on this site. You may reach this information by Clicking Here.

h) Final Walk-Through Inspection: On the date of settlement, Buyers and their agent will perform a final “walk through” inspection of the property to ensure it remains in good condition, that all move-out has been completed (unless there is a “rent back” period agreed to in the Contract), and that any necessary and agreed repairs from the Professional Home Inspection have been completed.

4) SETTLEMENT: CONGRATULATIONS! You have made it through the home buying process and are about to become the proud owner of your new dream home. Our role in this process is to coordinate all parties involved, examine the title search performed upon the property and “clear” any title defects, conduct the actual settlement and complete all necessary post-settlement actions, such as the recording of the new Deed and related documents. All legal aspects of your transaction will be overseen by SettlementOne Title & Escrow, LLC’s experienced real estate attorneys … offering the benefits of over thirty (30) years of real estate settlement practice and a combined sixty-five plus (65+) years of individual attorney settlement experience to support your transaction. SettlementOne is proud to serve as the choice of so many home Buyers and we look forward to adding your name to our long roster of satisfied customers.