North Texas Real Estate Blog

It really helps when both the buyer and seller of North Texas homes in Tarrant and Denton counties understand what is going on every step of the way during a real estate transaction.  Sometimes there are delays, counter offers, or unexpected paperwork to fill out during the timeline from the sale to the closing of Southlake, Keller, Grapevine, and Colleyville, Trophy Club, or North Richland Hills TX real estate.  If all parties know what to expect, it is easier to keep everyone happy. 

So, here is a list of the 10 basic steps in the process of the North Texas real estate transaction.  Hopefully, it will help you and your family to experience smooth sailing from beginning to end.

1.  The buyer makes an offer.  Buyers are wise to first discuss concerns with their real estate professionals.  Sometimes sellers are more flexible that a buyer may presume.  It is great when both realtors can discuss openly and honestly the parameters. 

2.  The seller accepts, declines, or makes a counteroffer.  The idea is to create a win/win deal and many times creativity and a good attitude can make the difference for success.

3.  After an agreement is achieved, the real estate professional delivers the earnest money to the title company.  That earnest money is simply a deposit that communicates that the buyer is committed to the purchase.

4.  The buyer submits necessary information to the lender within 2 or 3 days, if a lender is being used.  If the buyer acts in a timely fashion, the process will begin in an organized manner.

5.  The title company issues a title commitment within 5 business days after accepting the contract and earnest money.  Title insurance protects lenders and property owners against legal issues that may be pursued against the title.  It ensures the buyers right to own the property.

6.  The Lender accepts the title commitment and issues a loan commitment within 3 business days.

7.  The title company orders a survey, if necessary.  The buyer may order and pay for his own inspection and negotiate repairs with the seller.  This is one item that can be negotiated to ascertain who will pay.  Usually if the lender requires the survey, the buyer pays at closing.

8.  The lending agent coordinates with the title company and determines the best closing time.

9.  Sellers submit any last minute directions regarding the disposition of proceeds to the title company.  The title company insures the title and prepares everything for closing.  Title professionals are normally the ones who “proof” the entire transaction and find the majority of problems.

10.  The transaction closes.  If everyone does a great job, the transaction will close within 2 weeks.  However, sometimes there are kinks in the process as each transaction is unique.

An open mind and positive attitude can make all the difference during the stress and unexpected bumps in any transaction.  Happy sailing.