Buyer Process

Real Estate Purchase Check List

 

Property Address: ________________________________________

Buyer’s Name(s): ________________________________________

Agent’s Name: _______________________

Working as:     Buyer’s Agent          Represent Both Buyer and Seller

 

  1. Ask the buyer to sign Agency Relationship Agreement (PRDS or CAR Form)

Date: ____________________

  1. Write Purchase Contract.

Date: ____________________

  1. Write counter-offer.

Date: ____________________

  1. Ask the buyer to sign counter form when offer/counter-offer is accepted by the buyer.

Acceptance Date: ____________________

  1. Put initial deposit into escrow account  (deposit to title company) within 3 days after acceptance.  Get a receipt and obtain escrow number.

Initial Deposit Date: ____________________

Escrow Number: ___________________

  1. Call escrow officer or sales rep to make sure HOA document is ordered in case the buyer is buying a property in a community.

Date: ____________________

  1. Obtain Disclosure Package from the listing agent within 5 days of acceptance.  Disclosure Package includes the following items:
  • TDS (Real Estate Transfer Disclosure Statement)
  • SSC (Supplemental Seller’s Checklist) For PRDS contract
  • Lead Disclosure
  • (Ppamphlet Protect Your Family From Lead In Your Home and The Home Owner’s Guide to Environmental Hazards and Earthquake Safety)
  • Mold/Allergen Advisory
  • Chapter VI : Mold
  • Water Heater and Smoke Detector Statement
  • Data Base Disclosure (Regarding Registered Sex Offender)
  • Seller’s Affidavit of Non-foreign Status and/or California Residency
  • San Jose Street Tree Disclosure For San Jose City property only
  • Supplemental Statutory and Contractual Disclosures (CAR Form SSD)
  • (PRDS Transmittal and Receipt for Documents): List of disclosure forms
  • Residential Earthquake Hazards Report
  • NHDS (Natural Hazard Disclosure Statement)
  • Natural & Environmental Hazard Report (from TerraCheck, JCP or Property ID)
  • Tax Check Report (from TerraCheck, JCP or Property ID)
  • Preliminary Title Report (from TerraCheck, JCP or Property ID)
  • HOA Document (ordered by escrow company only if the buyer buys a property in a community)

HOA Document includes about 10 items:

    (1) Budget for 2003;
      (2)

FinancialStatement

    for 2000 and 2001;
      (3) Minutes(

Board of Director Meeting Notes

    )Last 12 months;
    (4) Newsletter & Notices last 12 months;
      (5)

CC&R’s

    ;
      (6)

Articles of Incorporation

    ;
      (7)

By Laws

    ;
    (8) Lender Certification;
    (9) Your Account Status Request;
    (10) Possible litigation issue;
      (11)

CERT

    (Request Form for HOA Documents).

Give Buyer 3 days to read and sign it.  Remove disclosure contingency within 3 days after receiving disclosure package. Remove title document contingency.

Receiving Disclosure Package Date: ____________________

Buyer Signing Date: ____________________

Disclosure Contingency Removal Date: ____________________

  1. Order Inspection Reports:

Termite Inspection

Roof Inspection

Property Inspection

(Possible) Lead Inspection for properties built before 1978.

Get a copy of inspection report for buyer and for myself (buyer’s agent).  Inform listing agent items to be repaired with addendum.  Negotiation between Buyer and Seller is very likely.  Settle it.

  1. Check with insurance agent whether there is problem to obtain home insurancefor this property.  If there is no problem,remove property condition and insurance contingency.  (17days after acceptance or whatever is shown on the contract).

Termite Inspection: Order Date: ___________; Inspection Date: ___________

Roof Inspection:  Order Date: ___________; Inspection Date: ___________

Property Inspection:  Order Date: ___________; Inspection Date: ___________

Writing Addendum Date: ____________________

Property Condition & Insurance Contingency Removal Date: ____________________

  1. Remove appraisal contingency and loan contingency. (17 and 21 days after acceptance, respectively; or whatever is shown on contract).

Appraisal Contingency Removal Date: ____________________

Loan Contingency Removal Date: ____________________

  1. Call loan agent and escrow officer to decide preliminary signoff date.

Preliminary Signoff Date: ____________________

  1. Call loan agent to make sure loan documents is sent to escrow officer at least 4 hours prior to signoff. Call title to getbuyer’s estimate closing cost sheet. Make sure everything is correct.

Buyer’s Closing Cost Review Date: __________________

  1. Call escrow officer/title company to set up final signoff time.

Seller’s Signoff Date: _____________________

Buyer’s Signoff Date: ____________________

  1. Final Walk Through with the buyer right before signoff.

Date: ____________________

  1. Sign off. At the end of signoff, escrow officer will instruct buyer to make a cashier check for balance of down payment and closing cost, and pay to title company no later than the next day. Buyer will deposit the cashier check by himself.

Signoff Date: ____________________

Buyer’s Cashier Check Deposit Date: _________________________

  1. Buyer’s loan document is reviewed by title company, then sent back to lender by carrier or FedEx.

Date: ____________________

  1. Lender reviews document.

Date: ______________________

  1. Funding from lender to escrow company. (Funding usually happens 2 days after signoff by both parties.)

Date: ____________________

  1. Suggest Buyer to order electricity, telephone, etc.

Date: ____________________

  1. Escrow Company does recording at county’s office and obtain confirmation number for recording. (Recording is on the same day or 1 day after funding.)

Recording Date: ______________________

Confirmation Number: ______________________

  1. Close of Escrow (COE). Hand in the keys to the buyer. (Better avoid COE on Monday.)

COE Date: ____________________

Key Transfer Date: ____________________