Next Steps After Buying or Selling a Home

You’ve found a house or a buyer has found yours and everyone has agreed on a price. So what happens between now and the time it becomes legally owned by you or another party? We understand the home buying process can be a little confusing. So we’ve put together this information to help you better understand what happens after the sold sign is posted.

Step One – Earnest Money

Earnest money is a deposit made by the purchaser as a sign of good intent to purchase the property. An agreement to convey (or transfer the title) starts the process once it is received at the title company along with the earnest money. Loan application is made by the buyer, and approval is usually subject to a credit check, an appraisal and, sometimes, a survey of the property.

Step Two – Tax Check

The title company then determines what taxes are owed on the property. The various assessor-collectors are contacted by the title company.

Step Three – Title Search

Copies of documents are gathered from various public records: deeds, deeds of trust, various assessments and matters of probate, heirship and divorce and bankruptcy
are addressed.

Step Four – Examination

The title company now verifies the legal owner and the debts owed by the owner.

Step Five – Document Preparation

Appropriate forms are prepared for the transfer of title and settlement, or the formal transfer of ownership (commonly referred to as the closing).

Step Six – Settlement

An escrow officer oversees the closing of the transaction: the seller signs the deed, the buyer signs a new mortgage, the old loan is paid off and the new loan established. The seller, real estate professionals, attorneys, surveyors, title company and others performing services for the buyer and seller are paid. Additionally, title insurance policies will then be issued to you and your lender.

Contact us for information on the home-buying process and to learn more about our company.

 

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Mega Title, LLC

721 Route 34, Suite 3
Matawan, NJ 07747
Phone: 732-242-9835
Toll Free: 877-550-MEGA
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Testimonials

  • Samah and her team at Mega Title were efficient and professional in
    handling our refinance closing. I had used them in a prior refinance
    and was so impressed with the attention to detail that I came back
    this time again. They are accomodating to your schedule, meet the
    deadlines so they don't waste your time and most of all treat you as
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  • As a real estate attorney, I have dealt with numerous title companies.
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  • I can't express how impressed I am with your customer service!

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