Buying a home involves several stages. Below is a list of the more common steps during a residential transaction.

Your situation may vary and it is best to contact your real estate professional for more information.

Common Steps for Buying a Home

Initial Meeting
Select real estate agent
Determine needs and wants
Determine financial eligibility

Loan Qualification
Discuss finances
Obtain prequalification

Find a Home
Select an affordable property that fits your needs
Discuss offer with agent
Buyer reviews contract with agent
Agent presents offer to selling side

Present and Negotiate Offer
Buyer prepares "earnest money" deposit (typically, 1 to 3% of purchase price)
Seller accepts offer (Seller can accept your offer, counter your offer, or reject your offer)

Open Escrow
Deposit "earnest money" into escrow
Escrow will order Preliminary Report

Submit Loan Application

Contingency Period
Conduct Physical Inspection of property by a qualified inspector
Approve seller's Transfer Disclosure Statement
Approve Preliminary Report
Conduct property appraisal
Obtain loan approval from lender
Perform termite inspection and certification

Obtain Homeowner's Insurance
Select insurance company and coverage
Insurance will be in effect at close of escrow

If applicable, obtain Home Warranty insurance

Sign Documents
Chicago Title receives signed documents

Down Payment
Need cashier's check or money transfer prior to closing date

Closing the Escrow
Deposit down payment and closing costs to escrow
Lender sends balance of purchase price to Chicago Title
Deed is recorded with County Recorder's office
Get your keys and move in!