The Closing Process for Buyers | John Castelli

November 18, 2016

Step 1: After you and the seller sign and agree on the terms of the purchase of your home, we have an executed contract.

Step 2: Any earnest money you have agreed to is deposited in an escrow account.

Step 3: The executed contract is sent to the title company, which helps determine whether the seller has the right to sell the property to you.

Step 4: If there is an option period, you can inspect the property during this time. Any repairs the seller agrees to should be completed with receipts before closing.

Step 5: The title company will collect all the necessary documents.

Step 6: When we close, we’ll work from a document known as a HUD-1 settlement statement. The HUD-1 tells you the charges associated with the purchase of your home.

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Buying a Home in Chicago

John Castelli, Realtor

Castelli Management, LLC. 

(773) 851-7636