 HOME BUYING PROCESS You have started to look at different properties and now you are ready to get moving on a plan. That is where you need to start and there are several other steps you should know about completing you decision to own your home. Meet with your Residential Properties Agent Speak about your goals and create your action plan. Choose your Lender Meet with your loan officer and acquire a pre-approval letter. Gather information about potential forms of financing. Review their list of closing attorneys. Begin Looking at Homes Your agent will provide you with information on the market, and lists of homes for sale, and various media to use while searching for your new home. Making the Offer Once you find a home that works for you, your agent will prepare an offer and negotiate for you. When the offer is accepted, you will be presented with a Purchase and Sales contract for your review and signature. Upon signing the contract, you will need to provide a deposit, customarily 5% of the purchase price. More to Do While Sale is Pending During this time period you will need to initiate a loan application. An appraisal will be part of the loan process. In addition you will conduct your home inspections, which may include radon, termite and wood-boring insect, as well as physical and mechanical. You will want to research and then acquire homeowners insurance. During this phase you will choose a closing attorney. The Closing You will want to walk through the home just prior to the closing to ascertain the condition of the home. Utilities will be turned on and billing put into your name. You will bring the balance of your down payment and your homeowners insurance binder with you to the closing attorney’s office. The closing attorney will prepare the closing documents. Once the closing ends and the deed is recorded, the house is yours! RENTALSCOMMUNITIESVIDEOSOUR AGENTSRELOCATIONTRENDINGCAREERS West Side PVD 401.457.3400 Newport 401.619.5622 East Greenwich 401.885.8400 Westport 508.636.4760 Cumberland 401.333.9333 Providence 401.274.6740 Narragansett 401.783.2474 Little Compton 401.635.8590 Barrington 401.245.9600 Get in Touch 140 Wickenden Street ProvidenceRI 02903 Contact Us Listings@residentialproperties.com 800.886.1775 Policies Terms of Use Privacy Policy Fair Housing Policy Accessibility Policy © 2021 Residential Properties LTD Agent Login Live Chat