John L. Scott Real Estate
Sunday, October 21, 2018
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Transaction Process And Buyer Strategies

Transaction Process: 

• OFFER ACCEPTED
• PROPERTY INSPECTION
• REMOVAL OF CONTINGENCIES
• TITLE SEARCH
• LENDER APPROVAL
• ESCROW
• TRANSACTION CLOSE
• POSSESSION OF PROPERTY

Transaction Forms

Real Estate is a form-rich industry. To help you understand the process, ask your agent to share some of the standard forms and paperwork with you.
Understanding Contingencies
Contingencies are conditions that must be satisfied before completing the transaction. Usually, the buyer’s offer results in contingencies upon certain things, like financing or inspection.
Common Contingencies Include:
• FINANCING - even with pre-approval, there may be a need for this condition.
• INSPECTION - a professional review of the condition of the improvements.
• HOME SALE - if the buyer is also selling property, this contingency allows for the sale of the property before closing on the new home.

Talk with your agent about what contingencies apply to you as you make the offer on your new home.