Step-by-step of the buying process

Brief and simplified explanation of the property purchase process:

Step 1 - The Offer

Once you have selected the property you wish to purchase, it's necessary to make an offer. This is the legal mechanism used to inform the seller that you are interested in buying the property and at what price you wish to purchase it. The real estate agent is the person responsible for guiding you in creating this document. The offer should include the mortgage loan approval letter if applicable. If the purchase is made in cash, it should include a bank statement corresponding to the funds to be used.

Step 2 - Offer Acceptance

If the offer is accepted by the seller, instructions will be given to a "Title Company" to create all the relevant documentation for the property transfer. This is done by specialized lawyers. For this, the buyer must make a reservation for the property they wish to purchase by paying a percentage of the amount, typically ranging between 5% and 10% of the final offer amount, at least in the United States. This money is placed in an escrow deposit. The procedure may vary in the case of pre-construction properties.

Step 3 - Closing

Once the law firm hired thoroughly investigates the title of the property and determines that there are no additional encumbrances, the day of the sales contract signing will be determined. At the time of signing, the remaining payment for the property will be made, and the title will be transferred to the new buyer.

Meghan & Noe

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