Once you have found the home you want to buy, there are several additional steps you need to take to close the sale after the purchase and sale agreements have been signed.

Step 1 Contingency removal: The most common contingencies are inspection, financing and the sale of your current home. These conditions must be removed or waived in writing before the sale on your new home can close.

Step 2 Appraisal and title report: Your lender requires a formal appraisal to confirm the value of the home you're buying, to use as collateral to secure the loan. The title report ensures that the seller has clear title to the property and has the right to transfer ownership to you.

Step 3 Prepare closing documents: Escrow service companies or real estate attorneys prepare documents that confirm the transaction, prorate funds, etc.

Step 4 Signing of closing documents: Although both parties may have signed closing documents and deposited funds, the sale actually closes when the deed is recorded and the proceeds are available to the seller.

Step 5 Signed documents go to the lender for final review.

Step 6 The deed is recorded and funds disbursed.

Step 7 The seller receives the proceeds and the moving van arrives.

Step 8 You get the keys to your new home!

There are many opportunities for surprises or delays in a transaction. Part of my expertise is in troubleshooting problems that arise in the closing process, including anticipating and preparing for potential problems before they arise.

Please email or call me any time if you have questions or would like more information about the closing process.

Mortgage Application Checklist

Here is a list of information and documents you will need when you apply for a home loan:

- Copy of the Purchase and Sale Agreement

- Your present mortgage information (or 12 months rental history)

- Two years history of employment and verification of all income sources

- If self-employed, copies of past two years income tax return and year to date profit and loss

- Two months checking, savings and investment account information verifying your liquid assets ..Name, account number and outstanding balance of each of your debts

- Information regarding any other income to be used

- Information regarding any other assets that will be used as funds to close

- If you're applying for a VA loan, you need a Certificate of Eligibility or DD-214 form

- If you are a relocating employee, include relocation information and copy of offer, promissory note ..and copy of check on bridge loan

- Two pieces of ID, such as your driver's license or passport and social security card

Glossary of Real Estate Terms

Addenda (Addendum): An attachment to the Purchase & Sale Agreement.

Agency: The relationship that a real estate agent has with a customer or client.

Buyer Broker: An agent who represents the buyer in a transaction.

CMA: Comparable Market Analysis, or an opinion of a home's value.

Comps: Properties used as" comparables" on a CMA.

Disclosure: Verbal and/or written communication regarding agency, property condition, etc.

Down payment: Initial investment on a home loan.

EM deposit: Earnest money deposit, or good faith deposit provided as consideration when a buyer offers a contract to a seller.

FHA: A type of loan, government insured financing.

Key box: MLS electronic key which allows agents access to listed properties.

List (Listing): When a seller signs a listing agreement with a broker to market their property.

Listing Agent: Agent who takes a listing on behalf of the broker.

Lock-box: Another term for a key box.

Lock-in: A term to obtain the interest rate at today's rate, or lock-in the rate.

MLS: Multiple Listing Service. An organization that distributes information on properties listed by MLS member brokers.

Property Profile: An informational/fact sheet about a property on the market.

Purchase and Sale Agreement: A contract between a buyer and a seller to purchase real property.

Transaction: A listing sold or the sale of real property.

VA: A type of loan, government guaranteed financing available to military veterans.