Your Home Buying Roadmap

STEP 1 THE OFFER

Purchase PriceEarnest Money Deposit (EMD): Typically 3% of purchase price; held in escrow by title company.Contingencies: Inspection, financing, and appraisal contingencies protect the buyer.Timeline: Seller has a set period to accept, counter, or reject the offer.Counters: Negotiations may go back and forth — each counter resets the clockTimeline: The whole process from executing the offer to the closing table can last on average 30-45 days.

STEP 2 HOME INSPECTION

Inspector hired by buyer — typically $300–$600 depending on size of the property.Report: Detailed written report with photos delivered within 24–48 hours.Negotiation: Buyer may request repairs, a price reduction, or a seller credit. Mostly if issues with key items like electric, plumbing…cosmetic items are usually not consideredInspection period: Usually 8–10 days after contract execution.⚠ Exit / Back-Out RightsDuring the inspection period: You may cancel for ANY reason and receive your full EMD back.

STEP 3 APPRAISAL

Ordered by lender; paid by buyer (typically $500–$800).A licensed appraiser determines the value of the property.The lender will only lend on the appraised value — not the purchase price.Low appraisal options: Renegotiate price, buyer pays the difference, or cancel.Timeline: Usually completed within 1–3 weeks of going under contract.⚠ Exit / Back-Out RightsAppraisal contingency: If the home appraises below purchase price and parties cannot agree, buyer can cancel and recover EMD.

STEP 4 LOAN APPROVAL & UNDERWRITING

Underwriter reviews income, assets, credit, and property details.Conditions: Lender issues conditional approval — you must satisfy all conditions.Documents needed: Pay stubs, tax returns, bank statements, employment verification.Clear to Close (CTC): Final approval; lender is ready to fund the loan.Avoid: New debt, job changes, or large purchases during this period. Use your credit card with extra caution. Do not open new credit cards.

⚠ Exit / Back-Out RightsFinancing contingency: If your loan is formally denied, you can cancel and recover your EMD.Deadline matters: You must formally cancel before the financing contingency deadline.After contingency removal: Canceling due to financing may result in loss of EMD.

STEP 5 TITLE COMPANY ROLE : title company chosen by Sellers.

Title search: Confirms seller has legal right to sell; uncovers liens or ownership issues.Title insurance: Protects buyer and lender from undiscovered title defects.Escrow: Title company holds funds and documents until all conditions are met.Closing Disclosure (CD): Issued about 3 days before closing — review carefully.Coordinates: Works with lender, agents, buyer, and seller to schedule closing.⚠ Exit / Back-Out RightsTitle issues: If a clear title cannot be delivered, the buyer can cancel and recover EMD.Review the CD closely: Errors in fees or figures can delay or alter the transaction.

STEP 6 HOA / CONDO ASSOCIATION REVIEW

Application: Buyer submits an application to the HOA or condo association for approval.Fee: Application fees vary — typically $100–$500; usually non-refundable.Interview: Some associations require an in-person or written interview before approval.Condo documents: Seller must provide a list of condo documents. Review period: Buyer typically has 7 business days to review condo docs after receipt — read them carefully.What to look for: Pending special assessments, reserve fund health, rental restrictions, pet policies, and litigation and more. Approval timeline: Association approval can take 2–4 weeks ⚠ Exit / Back-Out RightsCondo document review period: Buyer may cancel and recover EMD if they find unacceptable terms within the review window.Association denial: If the HOA formally denies the buyer’s application, the contract can be canceled and EMD returned.

STEP 7 CLOSING DAY

Final walkthrough: Typically 24 hours before closing — confirm property condition.Sign documents: Loan docs, deed, title transfer, and closing disclosure.Wire funds: Bring certified funds or wire closing costs and down payment in advance.Recording: Title company records the deed with the county — official transfer of ownership.Keys: Once funded and recorded, you receive the keys — you are now a homeowner!⚠ Exit / Back-Out RightsLast-minute cancellation: Canceling at or near closing without a valid contingency will likely result in forfeiture of your EMD.Seller default: If the seller backs out without cause, buyer may pursue EMD return or specific performance.