Page 4 - CTT-CA Real Estate Foreign Buyer & Seller Guide_English

PURCHASING A PROPERTY
1. Choose a licensed real estate agent.
2. If financing will be needed, select your lender (know about different types of mortgage loans and get pre-qualified).
3. Choose your home (determine the type, the price, and the location).
4. Make an offer (once you have found the property make a written offer through your real estate agent).
5. The escrow process begins (when you have reached an agreement with the seller, the initial good-faith deposit is given to an escrow representative, and the escrow process begins).
6. If financing will be part of the transaction, a mortgage loan application is submitted.
7. The title insurance company issues a preliminary title report to be reviewed and accepted.
8. Property inspections are conducted as required by the agreement and agreed and available property disclosures are provided by the seller.
9. The property value is determined by the lender.
10. The loan is approved.
11. The escrow agent ensures that that the conditions of the purchase agree ment are met.
12. The buyer conducts a final inspection of the property before closing the transaction).
13. The buyer signs the loan documents and the escrow instructions, and de- posits the initial payment with the title company.
14. The escrow agent returns the documents to the lender.
15. The lender’s funds are electronically transferred to the title company.
16. The deed is registered at the county office which transfers the property title to the buyer.
17. The transaction closes and the property keys are delivered to the new owner.
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