Appraisal performed. (Buyer – Agent may be present.) Report sent to lender.
Lender
Receives all documents – sends file to underwriter. (If necessary – file is sent to PMI Company for their approval.) Loan Commitment Issued.
Buyer or Agent
Orders termite inspection (all parties notified). Notifies attorney to do title search – prepare seller’s deed. Homeowner’s insurance is purchased. Termite inpsection performed – report issued – any treatment paid by seller. Closing Date Is Set.
Buyer
Utilities ordered in buyer’s name as of closing date. Moving van ordered.
Seller
Final meter readings for utilities ordered as of closing date. Moving van ordered.
Lender
Forwards final closing package to attorney.
Attorney
Runs final update search on title – delivers HUD statement to agents.
Agent / Broker
Forwards earnest money deposit to attorney.
Buyer - Agent
Perform final walkthrough inspection prior to closing.
Buyer - Seller - Agents
Settlement: Seller signs Deed – Buyer signs Note & Deed of Trust. Title Insurance issued – Buyer pays attorney by certified check per HUD-1 statement (purchase price – closing costs – inspection fees – miscellaneous fees).
Attorney
Closing: Records all necessary documents at County Court House. Disburses funds: Agent’s check – seller’s proceeds – all items agreed upon at settlement meeting.