Steps in the process of buying a property
Karla Melendez M.
Karla Melendez M.
Navigating the New Times: Simplified Guide to Buying a Resale Property
In the modern era, the process of purchasing a resale property has evolved, but certain key steps remain fundamental. Here's a brief and simplified version to help you better understand the path to your new home:
Step 1 - The Offer: Your First Step Toward Your Dream Home
After choosing the property that captures your heart, the next step is to make an offer. This is the moment you let the seller know you are interested in buying and at what price. Your guide in this process will be the real estate agent, who will assist you in creating the offer document. Make sure to include the mortgage pre-approval letter if applicable. For cash purchases, attach a bank statement supporting the funds you will use.
Step 2 - Offer Acceptance: Making Things Official
If the seller accepts your offer, the legal gears will start turning. Instruction will be given to a "Title Company" to prepare all the necessary documentation for the property transfer, handled by specialized attorneys. Here, the buyer needs to make a reservation for the property, usually paying between 5% and 10% of the total offer amount. This money is placed in an escrow account known as the "Escrow Money Deposit." It's important to note that this process may vary if it's a pre-construction property.
Step 3 - The Closing: Sealing the Deal
Once the attorneys have thoroughly researched the property title and confirmed there are no additional liens, the closing day will be scheduled. In this ceremony, the final payment of the remaining property amount will be made, and the official title transfer to the new owner will take place.
Important: A resale property implies it has had previous owners and is not a new construction. While these steps are essential, keep in mind that the exact process may vary, and it's always advisable to seek guidance from certified professionals before embarking on this exciting journey. Welcome to your new home!
Karla Melendez M. I am from Guatemala, City, I started working on real estate in 2014 in the area of Orlando, FL. In October 2020, I decided to be an entrepreneur and start my own real estate business with Click Homes Investments, LLC.
One of my passions in this job is supporting individuals, families, and investors to find the property that meets their needs. One of satisfactions that I have had is seeing people and families receiving the key to their house, It is inexplicable feeling and all these goals achieved make me continue preparing myself day by day with a continuous education to provide an excellent service in the area of real estate.
Click Homes offer the service of buying/ selling and property manager here in Orlando, FL and if you are ready to work with me, write and we will start this process together.
My phrase for this month is: "Have a hearth that never hardens, a temper that never tires, a touch that never hurts."
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