As you may know by reading the Steps to Buying a Home in Dallas-Fort Worth article, at some point of your home buying process you will be signing a Home purchase contract.
This article aims to provide valuable insights into the typical progression of events that can be anticipated after signing the home purchase contract.
It’s important to remember that each home purchase transaction is unique, with numerous variables at play.
However, assuming the standard Texas Real Estate Commission (TREC) contract is utilized, the Option period and negotiations are complete, and there are no complications, the subsequent sequence of events is relatively straightforward.
Step by Step from Contract to Closing
Let’s take a look at the sequence of events that will take place after the contract becomes finalized
1. Contract offer accepted and contract provided to the lender
2. Lender discloses loan terms to the client
3. Upon receipt of executed loan disclosures and borrower documentation file is sent to processing
4. The processor begins by ordering appraisal, title, survey, verification and reviewing client documentation
5. The file is submitted to underwriting to be reviewed by Lender’s Underwriting
6. Underwriter issues conditional loan approval
7. Loan Officer and Processor work with client to provide items required by underwriter
8. File is sent back to underwriting for final loan approval
9. Clear to Close/ Final Loan Approval Issued by Underwriter
10. File is sent to the closing department where attorney will prepare the documents for closing
11. Closing disclosure (CD) sent to borrower ( Closing disclosure provides the home buyer with the final numbers for closing costs)
12. Closing documents provided to Title company
13. Pre-Closing Walk-Through
14. CLOSING!
When does the home buyer sign a home purchase contract?
The buyer signs the home purchase contract while submitting their offer. This offer is a standard contract provided by the Texas Real Estate Commission. It outlines the terms of the offer and bears the signature of the buyer.
The offer transforms into a binding contract once the seller accepts your offer by signing (executing) it. Once your offer is accepted (executed) by the seller, the home purchase contract takes effect and becomes valid, initiating the countdown for the dates specified in the contract.
NOTE! A Home Purchase Contract is a legally binding agreement between the buyer and seller of a property. It states the terms and conditions of the sale, including the price and any contingencies that must be met for the sale to go through. It’s crucial to thoroughly review contract and seek legal advice if necessary to ensure you’re fully aware of your rights, obligations, and any potential exclusions before you sign.
Are you ready to experience the joy of homeownership in the vibrant Dallas-Fort Worth area?
Whether you’re in search of an existing home or a brand-new construction, rest assured that I’m here to assist you every step of the way.
With a dedicated Realtor by your side, the home-buying process becomes a breeze. Say goodbye to stress, and let me handle all the intricate details on your behalf.
Getting the guidance you need is as simple as filling out a brief questionnaire on my Homebuyers contact form. From there, I’ll take care of everything, ensuring a seamless and hassle-free journey towards finding your dream home.
Check out my other articles for more helpful information about the home-buying process.
For many, buying a home for the first time can seem like a daunting task. Rest assured, it doesn’t have to be, and I’ve got you covered! Being a confident home buyer starts by understanding the simple basics and increasing your awareness of what to expect during the home buying process. Once you become an informed first-time homebuyer, you will reduce your stress, increase your confidence, and be one step closer to owning your first home.
Get your home buying jump-start right now by checking out my other articles linked below.
– The Process Of Buying A House in Dallas Texas
– How Long Does It Take To Buy A House in Dallas?
– Professionals You Deal with When Buying a House
– 6 Reasons Why You Need A Realtor® To Buy A Home In The Dallas Area
– Pre-qualified vs Pre-approved
– What Documents Do You Need To Apply For A Mortgage?
– Do’s and Don’ts After Applying for a Mortgage
– What Happens Next After You Sign a Home Purchase Contract?
– Closing on a Home in Dallas Texas – What to Expect and How it Works. Step-by-Step Guide
–
Latest from Dallas Real Estate Blog
– Texas Homebuyers Tips, Tricks and Lifehacks
– Mortgages for Homebuyers and Investors in Dallas-Fort Worth
The Buyer’s Agent Duty
READ: Texas Real Estate Commission Information About Brokerage Services
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a
written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any
material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or
seller’s agent.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):
– Put the interests of the client above all others, including the broker’s own interests;
– Inform the client of any material information about the property or transaction received by the broker;
– Answer the client’s questions and present any offer to or counter–offer from the client; and
– Treat all parties to a real estate transaction honestly and fairly.
