• Services
    • Real Estate Services
      • Real Estate Investor Services
      • For Sale By Owner
      • Landlord Services
    • Business Services
      • Business Formation and Entity Selection
      • Business Planning
      • Contract Review Service
  • Acquire Blog
  • About Acquire
  • Contact – Map

Call Today to Make an Appointment 434-252-2521

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mlovell@michaellovell.com
Acquire Legal Counsel Acquire Legal Counsel
  • Services
    • Real Estate Services
      • Real Estate Investor Services
      • For Sale By Owner
      • Landlord Services
    • Business Services
      • Business Formation and Entity Selection
      • Business Planning
      • Contract Review Service
  • Acquire Blog
  • About Acquire
  • Contact – Map

COMMON STEPS FOR BUYING A HOME

Buying a home involves several stages. Below is a list of the more common steps during a residential transaction.
Your situation may vary and it is best to contact your real estate professional for more information.

Initial Meeting
  • Select real estate agent.
  • Determine needs and wants.
  • Determine financial eligibility.
Find a Home
  • Select an affordable property that fits your needs.
  • Discuss offer with agent.
  • Buyer reviews contract with agent.
  • Agent presents offer to selling side.
Contingency Period
  • Conduct Physical Inspection of property by a qualified inspector.
  • Approve seller’s Transfer Disclosure Statement.
Mortgage/Loan process continues.
Obtain Homeowner’s Insurance
  • Select insurance company and coverage.
  • Insurance will be in effect at close of escrow.
Loan Qualification
  • Discuss finances.
  • Obtain mortgage or loan pre-qualification/approval.
Present and Negotiate Offer
  • Buyer prepares “earnest money” deposit (typically, 1 to 3% of purchase price).
  • Seller accepts offer (Seller can accept your offer, counter your offer, or reject your offer).
Open Escrow
  • Deposit “earnest money” into listing brokers trust account.
  • Buyers lender to order title work/commitment.
Loan and Title Processing
  • Approve title work/commitment.
  • Property appraisal ordered and completed.
  • Obtain loan approval from lender.
  • Closing appointment coordinated with the parties by TitleSmart.
The Closing
  • Need cashier’s check prior to or at closing.
  • Lender sends Loan funds to TitleSmart.
  • At the closing appointment, all escrow documents are fully executed and funds are disbursed by TitleSmart.
  • Enjoy some awesome, fresh-baked cookies, Caribou coffee and get your celebratory photo taken on our “Red Carpet.”
  • Get your keys and move in!

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About us

Acquire Legal Counsel is owned and operated by Mike Lovell, Esq. in Lynchburg, Virginia. Please contact us to discuss your legal concerns . I can be reached mlovell@michaellovell.com or please call 434-252-2521 for more information.

Contact Info

  • Acquire Legal Counsel (AcquireLC.com)
  • 111 Hexham Dr. Ste A, Lynchburg, VA 24502
  • 434-252-2521
  • 434-658-1296
  • mlovell @michaellovell.com
  • www.acquirelc.com

DISCLAIMER

The material provided on this website is for general informational purposes only and is not legal advice. The information contained herein is general and it does not provide specific legal advice. The website and its information is for general information only. Contact with the firm via email or phone does not create an attorney-client relationship between you and the Firm.

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