Buyer Handbook

Decide to Buy

Assess Your Finances

Finding Your Home

Manage the Offer

Close the Deal

To Seller Handbook

Decide to Buy By Owner | About Buying | Understand Your Purchase | Understand Your Market

Realty Transaction Task List

The Owners.com task list contains important steps for handling many of the details surrounding the sale of a home. This list is organized by task, and provides you with the timeframes surrounding the task, as well as the individual responsibilities of the buyer and seller.

Task When Seller Buyer Obtain Home Inspection if required by the contract Contract determines timeframe - usually 5-7 days after contract is signed. Seller provides access to house for buyer and inspector. The seller should leave the house while the inspection is going on. The buyer orders the inspection from the company of their choice, pays for it and usually attends the inspection. Obtain Radon Inspection or other inspections if required by the contract Contract determines timeframe- usually 5-7 days after contract is signed. Sometimes the home inspector will also provide this service. Seller provides access to house for buyer and inspector. The buyer orders the inspection from the company of their choice, pays for it and usually attends the inspection. Obtain buyer mortgage pre-approval letter if required by the contract Contract determines timeframe - usually 5-7 days after the contract is signed - many times the loan officer will provide it at mortgage application. Or, use our Mortgage Center for fast approval! Seller receives the pre-approval letter and confirms that it meets the contract requirements. The letter should indicate that the lender has reviewed the buyer's credit report, ratios and source of funds and found them satisfactory for the loan specified in the contract. Buyer chooses mortgage company of their choice, provides the information needed and obtains letter. The letter should indicate that the lender has reviewed the buyer's credit report, ratios and source of funds and found them satisfactory for the loan specified in the contract. Obtain property disclosures and environmental disclosures. California buyers and sellers, click HERE Contract determines timeframe - usually 5-7 days after the contract is signed. Seller purchases and provides to buyer within the timeframe specified in the contract. Buyer reviews and acknowledges acceptance of the disclosures in writing to the seller. Apply for mortgage Contract determines timeframe -usually 5-7 days after contract is signed.   Buyer chooses the mortgage company of their choice and makes application. Follow up on home inspection Contract determines timeframe - usually 2-3 days after inspection is completed. Seller responds to buyer's written request for repairs by agreeing to make repairs or compensating buyer for some or all of the repairs OR declines to make repairs and releases buyer from contract. The contract dictates what the seller MUST do. Buyer responds to the inspection in writing to the seller - outlining any deficiencies discovered by the inspection. Buyer may or may not request seller repair or compensate them for structural defects. The contract dictates what the buyer CAN do. Follow up on radon and other inspections Contract determines timeframe - usually 2-3 days after inspection is completed. Seller responds to buyer's written request for cure by agreeing to cure or compensating buyer for cure OR declining to cure and releasing buyer from contract. Buyer responds to the inspection in writing to the seller - outlining any deficiencies discovered by the inspection and requesting seller cure or compensate them for cure. Open escrow with closing attorney or agent and deposit check for earnest money deposit Generally after the inspection contingencies have been cleared - usually within 10 days after signing the contract. Who opens escrow varies with locality. Check here for info on which party orders in your area. Who opens escrow varies with locality. Check here for info on which party orders in your area. Order title search Generally after the inspection contingencies have been cleared- usually within 10 days after signing the contract. Seller orders and delivers contract and additional information to the title agent.   Title Survey is completed Within 30 days after ordering the title work. Title agent orders - the survey is paid for at settlement.   Appraisal is completed Within 10-20 days after buyer makes loan application. Seller provides access to the house and provides appraiser with the comparables collected to support the sales price of the house. Buyer's lender orders - buyer pays for appraisal at time of loan application. Termite inspection is ordered and completed Within 30 days of closing. Buyer orders, seller provides access to inspector. Buyer or title agent orders from inspection company of their choice the inspection is paid for at settlement or at the time of inspection. The completed termite inspection is provided to the buyer's lender and the title company. Follow up on termite inspection Contract determines timeframe - usually 2-3 days after termite inspection is completed. Seller pays for treatment of active infestation -if required by the contract. Seller pays for repair of prior damage caused by wood boring insects - if required by contract. Buyer alerts seller about inspection and provides a copy of the inspection to seller. If active wood boring insects are discovered, seller pays for treatment - if required by the contract. If damage from prior infestation is found, the seller repairs damage, if required by the contract. Mortgage Approval Contract determines timeframe - usually within 30-45 days after mortgage application is made.   Buyer receives approval and communicates to seller that the financing contingency has been met. Follow up on issues found in title search Usually within 20 days after ordering search. Seller is responsible to deliver clear title. The closing officer or attorney will contact the seller about issues with the title search.   Homeowner Insurance Buyer must provide 1 years paid receipt and copy of the policy to their lender. Usually 5 days in advance of settlement.   Buyer obtains homeowner's insurance from company of their choice and provides documentation to their mortgage company. Check out our Insurance Center for great insurance quotes! Title Search completed and Title Insurance Binder (also referred to as "title work" sent to closing officer or attorney and buyer's lender) Usually within 30 days after ordering the title search. Seller is responsible for making sure Title is clear. Seller should confirm with Title or closing company that search has been completed and is acceptable to Title Insurer and lender. Buyer should follow up with their lender that the title work has been received and is satisfactory. Firm Settlement/closing date scheduled with escrow officer or attorney and mortgage company Schedule the date about 15-20 days in advance and reconfirm 5 days prior to the settlement. Seller confirms with escrow officer or attorney. Buyer confirms with their lender and title agent or real estate attorney.