With your signature you enter in a legally binding contract with the seller which includes many offers like a roperty inspection, as well as disclosure review, loan approval, appraisal and other matters.

1. Your very own 'official' house
I came accross a resent Real estate blog consolidationg on points which are quite helful while
making a house purchase.
1. Making it official
First move towards making your house completely yours calls for formal purchase offer and signing a real
estate contract. With your signature you enter in a legally binding contract with the seller which includes
many offers like a roperty inspection, as well as disclosure review, loan approval, appraisal and other
matters. Such contingencies enable buyers to opt out of the contract if unexpected problems or concerns pop
up.
2. Disclosures
Disclosure documents are preliminary title report, copies of city reports and any specific local documents.
for example, an earthquake hazards report or a geological survey is required as part of the disclosures. In
some areas of the South, especially near the Gulf Coast, buyers usually receive flood maps and reports
relevant to the property being considered.
3. The appraisal
An appraisal is the financial institution’s way of making sure the contract price is the right price. So
the lender sends out a third-party appraiser, which the buyer pays for, to confirm that the contract
price is in line with the neighborhood’s comparable sales. If it’s not, the bank can deny the loan or
change the terms.
4. Inspections
The most common is a “general” property inspection, in which the inspector checks the home from
the foundation to the roof and investigates all major systems and components. As the buyer, you
should follow along with the inspector to learn more about the property.
5. Loan approval or commitment
The bank will want to fully approve your credit, debt and income history before the loan. The bank can take
up to 30 days to complete its review, which should result in a loan commitment or full loan approval. Once
that’s completed to the bank’s satisfaction, you’re guaranteed a loan, and you’re one step closer to closing.
6. Final walk-through
Just before closing, you should walk back through the property to make sure it’s in the condition it

2. was when you last saw it. Make sure the seller didn’t remove any fixtures, make modifications or
leave behind garbage or debris. You also want to be sure any fixes you negotiated with the seller
have been completed.
7. The closing
Depending on the market, the closing may happen at an attorney’s office or with an escrow officer
at a title company. In some jurisdictions, the buyer and seller don’t ever meet. Each goes in to sign
their closing papers separately. In others, the buyers and sellers sign the closing documents together.
Also, thanks to current technologies, some closings can now happen remotely using wire transfers
and overnight delivery of documents.