FIRST (Finding a Property): Look through the BuyandRentRealestate.com website to contact a real estate agent, owner or project promoters to let them know what type of property you are looking to purchase. Searching through the BuyandRentRealestate.com website will help you narrow your search in finding quality real estate investments. If you have any questions about a particular listing, please feel free to contact us.
SECOND (Negotiation): Once you find a property that you wish to purchase, you must negotiate the price and terms with the owner. Once you have negotiated and agreed to the terms (purchase price, payment form, Broker's commission if any, Legal Services Fees, etc.), then all of these details are inserted to a property transaction form.
THIRD (Promise to Purchase/Sale Contract): The information from the property transaction form is provided by the buyer, broker, or buyer’s attorney, who drafts the Promise to Purchase/Sale Contract, which is signed by both parties. Generally, a down payment of approximately 10% (depending on the agreed terms) is made to the escrow company, which is paid to the seller at the time the contract is signed.
FOURTH (Title Search): Your attorneys will do a complete title search on the property title to ensure that there are no liens or encumbrances that could potentially delay or prohibit the transfer of title.
FIFTH (Balance and Wire Instructions): The escrow company will confirm that the title search has been completed successfully, and they will then send you an updated Balance, including all details of the complete breakdown of payments for your transaction. At this time, you will be provided with the wire and check deposit instructions to send the balance of the funds to be disbursed to each party (seller, broker, attorneys, etc.) at the closing date.
SIXTH (Closing and Payments): Once the buyer authorizes the escrow company, in coordination with the attorney handling the final purchase/sale contract for the transaction, the escrow company will arrange a closing date (payment to the Seller and signature on the Contract). The escrow company at this time will also make the final payments & disbursements to all the parties involved (Law Firm, Broker's commission if any, etc.) to complete the transaction as agreed in the purchase/sales contract.
SEVENTH (Invoice): The escrow company will provide the buyer a detailed Invoice of the Services provided, and a complete breakdown of the Fees.
EIGHTH (Payment Receipts): The escrow company will provide the buyer all the payment receipts & transaction documentation. |
