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Sold! What Happens After a Contract is Accepted?

Posted by Tim Weisheyer on Apr 6, 2016 4:46:41 PM

Dream Builders Realty is committed to providing the highest quality service. Because of this, we work with the best Osceola County has to offer. Although our customers can choose to work with anyone, we have our own recommendations when asked. 

With these partnerships comes valuable information on real estate related topics we can offer you. We are able to answer questions related to mortgages, title work, insurance and beyond. 

This week, we're featuring our guest blogger, Rayelynne Ketchum from Stewart Title. She's talking all about what happens after the contract has been accepted in a real estate deal. 

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 know that it can sometimes be hard to "wait" when it comes to a real estate transaction, so our hope is that these steps help you in understanding what is going on behind the scenes after a contract has been accepted. 

what happens after a contract is accepted?

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 transfer the title starts the process once it is received at the title company.

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, divorce, or bankruptcy are addressed.

Step Four – Examination

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

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 is established. Title insurance policies will then be issued.

Working with a knowledgeable REALTOR®, title company, mortgage broker and any other real estate professional is key to navigating all aspects of a real estate transaction. Please don't hesitate to reach out to us at Dream Builders Realty or any of our industry partners

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Topics: Selling 101, Buying 101, Title work, Real Estate Transaction

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