Closing on Purchased Properties

ID Number: RE-006

1. Inputs

  • Property to purchase

2. Steps

  1. Add appropriate contingencies to the purchase agreement.

    1. Contingent on obtaining financing at an interest rate not to exceed what the investor specifies.

    2. Contingent on inspection not revealing any major problems with the property.

    3. Contingent on seller completing any agreed-upon repairs.

  2. Enter escrow.

  3. Depending on the state, hire an attorney.

  4. Ensure Title Search and Title Insurance to avoid future claims.

  5. Get a quote for property insurance.

  6. Arrange property inspections.

  7. Review inspection reports.

  8. Renegotiate the offer.

  9. Review estimated closing costs.

  10. Negotiate procedural costs.

  11. Remove contingencies.

  12. Meet requirements in timely way to avoid loss of earnest money.

  13. Conduct final walkthrough.

  14. Review the closing papers.

  15. Sign closing papers.

  16. Insure the property.

3. Outputs

Transfer of ownership to our business.

4. Revision History

Date Revision Description

2019-12-24

1

Initial

Updated on 24 Dec 2019

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