Once you find the house you want to buy, the real work begins for your Valentino Group real estate team.
The following steps give you an idea of what happens from when a seller accepts your offer to when you become the legal owner of your new home. At Valentino Group, we manage each step, so you don’t have to stress about what’s to come.
1. Make an offer.
Jeff will help you prepare and submit an offer to purchase and assist in negotiating terms such as price, due diligence and earnest money fees, due diligence timeframe, closing date, and any contingencies.
2. Your offer is accepted, and we have a fully executed contract.
Congratulations! You’re officially under contract.
3. Deliver applicable contract fees — due diligence and earnest money payments.
Due diligence and earnest money fees are part of the negotiated contract and are payments made by the buyer to the seller in the first few days of a real estate transaction. The due diligence fee is non-refundable and is paid to the seller to compensate them for taking the property off the market so the buyer can conduct their due diligence investigations. The earnest money deposit is a good-faith deposit to show your commitment as the buyer in the real estate transaction. Earnest money goes into an escrow account, typically held by the closing attorney. Unlike the due diligence fee, the earnest money deposit may be refundable under specific conditions outlined in the purchase contract. Due diligence and earnest money go toward your payment of the home’s overall purchase price at closing.
4. Examine the property and conduct assessments during the due diligence period.
Like the due diligence fee, the due diligence period is part of the negotiated contract. It is a timeframe during which the buyer has the right to assess the property before deciding whether to proceed with the purchase. During this critical phase, you’ll work closely with Jeff, who will assist you throughout the inspection process, which includes scheduling inspections, like home, pest, and radon inspections, to assess the property’s condition.
5. Make due diligence requests.
A thorough due diligence process includes addressing significant concerns and issues with the seller. Valentino Group will document and negotiate the challenges the seller must address before you commit to purchasing the home.
6. Finalize closing details.
We will conduct a final walk-through of the property to ensure it’s in the agreed-upon condition. As the buyer, you’ll prepare to pay closing costs, including fees for the title search, attorney services, and other closing-related expenses. Contact us if you have questions regarding fees associated with closing costs.
7. Sign legal documents.
If you’re in town, you’ll meet with an attorney in person for a closing appointment, where you’ll sign all necessary documents to complete the closing. If you can’t be physically present at the attorney’s office on the closing day, let us know ASAP so we can arrange a “mail-away closing.” For a mail-away closing, the attorney must prepare all necessary closing documents earlier. They mail the closing documents for you to sign with a notary and return them to the attorney’s office for delivery on the scheduled closing day.
8. The closing attorney records the new deed.
Once you and the seller sign the closing documents, the attorney records the new deed, making you the public owner, a legal requirement to transfer real property.
9. The keys are yours!
The deed is on public record, and you’re the property’s legal owner! Pop the champagne!