Here are the simplified steps when buying/selling real estate:
- Step 1: Contract is negotiated and signed between Seller/Buyer.
- Step 2: Buyer obtains a loan through a Bank.
- Step 3: A title company researches the title to the real estate and issues a Title Commitment (this will lead to an insurance policy on the land).
- Step 4: Closing documents prepared (this includes loan documents and any documents needed to fix problems in title).
- Step 5: Closing – this is where the parties sign all papers and land is transferred to the Buyer.
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