Turnkey Purchase Procedure

  1. Reserve a Property
  2. Sign Purchase Agreement
  3. Wire $5000 Earnest Money Deposit (EMD) if one is required to Title Company
  4. Start loan application with lender (if financing) 
  5. Arrange for 3rd party inspection of the property
  6. Send inspection report to seller to develop punch list of safety/significant items to correct
  7. Seller corrects punch list items and sends evidence of this to buyer
  8. Lender arranges appraisal when they’re ready to do so
  9. 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)
  10. 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
  11. Title Company sends out the HUD-1 Settlement Statement (details what each side owes or receives in the transaction
  12. 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
  13. Lender and buyer wire the amounts that are due to the Title Company
  14. Transaction closes and the Title Company funds and records the purchase