1 - Realtor
Purchase agreement signed. Good faith deposit delivered as per contract. Either held in escrow or at Title Co. |
2 - Title Company
Seller chooses title company or attys' office for closing. Buyer/Seller may also choose to have atty review the contract. |
3 - Mortgage Lender
Mortgage loan application made by buyer. |
4 - Mortgage Lender
Request job, savings, checking verifications and credit report. Order Appraisal. |
5 - Mortgage Lender
Receive verifications and Appraisal. Exhibits reviewed for corrections and completeness. |
6 - Mortgage Lender
Loan file assembled for underwriting approval. |
7 - Mortgage Lender
Loan approved. Commitment letter with closing instructions mailed to Buyer, Title Company and Real Estate Agent. Process ceases if not approved. |
8 - Title Company
Title company gathers all closing docs such as abstract, deed and survey. |
9 - Mortgage Lender
Mortgage Banker forwards the completed file to the title company or attorney if atty is closing the property. |
10 - Buyer
Buyer obtains homeowners insurance for the property as required by the Lender.
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11 - Title Company
As per contract, the Title Company aims to have the closing occur per the date on the contract. Closing time is arranged with buyers and sellers. |
12 - Title Company
In the State of Florida, it is possible to close much faster than in Northern parts of the country. |