ReMax Kathy Bain Farrell

ReMax Kathy Bain Farrell

2081 Diamond Hill Road, Cumberland, RI 02864


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Real Estate & Mortgage

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ReMax Kathy Bain Farrell What are the steps involved when buying/selling a home? Steps of a Real Estate Transaction: 1. Listing Agreement - A realtor will prepare a listing agreement outlining the sales price, terms of listing contract, commission rates, and speci cs about accessing the property and where the listing will be seen online. The sellers are required to complete a sellers' disclosure, lead paint disclosure, and disclose any relationships with agents. 2. Purchase Offer - The buyers will initiate a formal offer. The seller may accept or counter offer. Once the terms are agreed upon, a purchase and sales agreement is signed. 3. Escrow - The buyers will bind the agreement with a deposit that will be held in escrow by a neutral party until all the conditions of the sale are met. During this period, a title search will be conducted to con rm that sellers can legally sell the home. 4. Inspections - Usually at the buyers' expense, home inspections will be conducted. If undisclosed issues arise, buyers and sellers can renegotiate or cancel the transaction. 5. Lending - If the buyer is obtaining nancing, they will apply for a mortgage with a bank or nancial institution. The home will need to appraise by the bank appraiser at or above the selling price. 6. Closing - Once the buyers are approved, the lender and title paperwork will be signed and then recorded at the Town Hall to of cially close the property. The buyer normally will do a walkthru of the home prior to the closing to make sure all is in order before the home becomes theirs. Contact us for more informations on buying or selling a home. Q: A: