Steps to closing

Question 1

Preliminary steps to closing (Part I)

Answer 1

a. Earnest money is deposited
b. Additional deposit if required
c. loan application
d. contingencies
i. clear up any contingencies in the contract
e. appraisal
f. loan approval
i. monitor the loan application for the buyer
g. survey is ordered
h. title insurance

Question 2

Preliminary steps to closing (Part II)

Answer 2

a. termite inspection
b. required repairs are ordered
c. home inspection
d. buyer hazard insurance
e. closing documents reviewed
f. preclosing inspection conducted (walk-through)
g. buyer informed of the amount of funds needed to close
h. earnest money transferred to the closing agent