Every deal has a unique set of circumstances, so the process below is not set in stone but merely a good description of common phases buyers experience when working with a professional Realtor, from initial research to closing.

1) Determine Financing Source – Though some buyers have the financial resources to pay cash for property, the vast majority require assistance from an outside financing source. (Getting pre-approved is an important step……waiting until later in the buying process can kill a deal.)

2) Early Research – Today, most buyers are web savvy. They do their homework on-line to review the local market’s home values and Realtor sites. Most often, they call at least two or three Realtors to get an idea of their style and personalities.

3) Initiate the Formal Search – Once the buyer determines they are serious about buying, they begin to tour homes with their Realtor. (At this point it is very important to commit to one Realtor. All to often, buyers work with whoever is convenient on any given day, resulting in an unproductive and frustrating experience for all parties. Remember, in the vast majority of transactions, the seller pays the commission.)

4) “Offer to Contract” Process – Buyers, through their Realtor acting as an Exclusive Buyer’s Agent, submit an offer with all desired terms and conditions to the seller’s listing Realtor. During this phase it is quite common for the parties to negotiate price and terms through their respective agents. Once the parties agree on all terms the “offer to purchase” becomes a “contract.”

5) Earnest Money Deposit – Most contracts call for the buyer to submit an amount at or soon after the contract is signed to be deposited with the seller’s real estate firm. In successful transactions, this amount will be credited toward the buyer’s required funds at closing.

6) Selection of Attorney – Attorneys facilitate most real estate closings in the state of North Carolina. Once the contract is signed both the buyer and seller hire an attorney to see the transaction through to closing and deed recording. One of the primary roles the buyer’s attorney is the preparation of the closing statement; this statement details all financial transactions related to the purchase and ensures a smooth and surprise-free closing day. Realtors typically provide their buyers a list of real estate attorneys, but the buyer chooses the attorney.

7) Appraisal and Commitment Letter – Assuming an outside source, such as a bank or finance company, is financing part of the transaction, they will hire a certified, licensed appraiser to perform an on-site evaluation and determine its “market” value. Normally, within 2 weeks of the contract signing the lender will issue a commitment letter. This letter reaffirms the lenders commitment to the buyer, and is often requested by the seller through their Realtor to reassure things are on track.

8) Home Inspection and Survey – Most NC real estate contracts permit buyers to pay for independent professionals to inspect the property prior to closing. These reviews sometimes reveal defects in the property or, in the case of a survey, discrepancies with the lot measurements. It is not uncommon for the parties to negotiate and reach agreement over necessary repairs at this phase.

9) Home Insurance – Buyers will select their home insurer; the insurer will then remit a binder to the bank or finance company, who will want proof of home insurance so they know their investment is protected against full or partial loss.

10) Pre-Closing Details – This includes finalizing the closing date with all parties, submitting all charges related to the transaction to both attorneys and arranging for utilities to be transferred into the new owner’s name.

11) Closing and Deed Recording – Both parties sign many, many forms (fun stuff!!) and monies are exchanged at the closing. Shortly thereafter, the buyer’s attorney will deliver the deed to the county recording office; when the deed is recorded, the property officially transfers from the seller to buyer.