Turnkey Purchase Procedure
- Reserve a Property
- Sign Purchase Agreement
- Wire $5000 Earnest Money Deposit (EMD) if one is required to Title Company
- Start loan application with lender (if financing)
- Arrange for 3rd party inspection of the property
- Send inspection report to seller to develop punch list of safety/significant items to correct
- Seller corrects punch list items and sends evidence of this to buyer
- Lender arranges appraisal when they’re ready to do so
- Title Company will obtain a Lien Certification (to insure there are no outstanding liens) and run a Title Abstract (to prove there is clean and clear chain of title)
- Presuming the property appraised at value (purchase price), Lender sends CD (Closing Disclosures) to buyer. After a 3-day Trid (right of rescission period), closing can occur
- Title Company sends out the HUD-1 Settlement Statement (details what each side owes or receives in the transaction
- Title Company arranges for a mobile notary (if needed) to collect signatures from buyer on all loan documents and sends originals to the Title Company
- Lender and buyer wire the amounts that are due to the Title Company
- Transaction closes and the Title Company funds and records the purchase