The typical real estate transaction has the following steps: 

1. Negoitations - The buyer and seller first agree on the terms of the purchase contract. Offers and counter offers are communicated back and forth between the seller’s agent and the buyer’s agent. The agreement will usually establish a closing date (or an estimated closing period – i.e., “closing with 30 days.”)

2. Final agreement - The buyer, the buyer’s agent, the seller and the seller’s agent sign the final agreement.

3. Legal work - The buyer’s agent sends a copy of the contract to the attorney chosen by the buyer (if requested, Trevor Homes can recommend an attorney). The attorney proceeds to conduct a title search to verify the seller’s legal title to the property and to prepare the closing paper work such as the deed, and deed of trust. The attorney will work with the buyer’s lender to ensure the proper paper work is prepared for the closing.

4. Schedule closing - The buyer’s agent schedules the closing date and time with the buyer’s attorney and the seller and the seller’s agent. Also, the buyer’s agent will help coordinate with the attorney the building inspection, termite inspection and the delivery of the loan documents to the attorney.

5. Settlement statement - Prior to closing, the attorney will complete a Settlement Statement and provide a copy to the parties. The buyer, the buyer’s agent, the seller and the seller’s agent carefully review the paperwork.

6. Closing - The actual document signing for the closing typically takes place at the Buyer’s attorney's office.

7. Funds disbursed - Once all of the paperwork is sign at the closing, the attorney disburse the purchase funds to the seller, records the deed (and any deed of trust) and delivers all of the signed lending documents to the lender.

Note: Depending on several factors, a closing date is usually scheduled anywhere from two to four weeks from contract date.