Understanding a little bit about the home buying process can help you make a more sound decision. This home buying resource center should help. Be sure to fill out a Buyers Request Form to get started.
Buying a home through Dominion Real Estate Partners will be an exciting and rewarding experience. To help guide you through this process we recommend contacting one of our experienced real estate professionals.
Your Dominion Real Estate Partners Professional will assist you in determining the best type of property to suit you needs. Factors to be considered when choosing a property are location, price, features, design and style.
Find Your Financial Comfort Zone
Our affiliated mortgage company, Dominion Financial LLC, will assist you determining your financial eligibility. We understand purchasing real estate is an important investment, and we encourage you to investigate the financial impact of your purchase thoroughly.
Locating The Property For You
After you have established your perimeters and have been pre-qualified, your Dominion Real Estate professional will help you find the property that fits your needs.
Once the property has been located, you and your Dominion Real Estate Partners professional will establish the offer you wish to present to the seller. Your real estate associate will present your offer to the seller's side.
Negotiating The Offer
The associates at Dominion Real Estate Partners are experts in assisting you in the negotiation process. The seller can accept your offer, counter your offer, or reject your offer.
Once an offer is accepted you will be required to submit an "earnest money" deposit.
"Going into Escrow"
The "earnest money" will be deposited into an escrow account. Your check will be made out to the Title Company. Escrow will order a Preliminary Title Report and begin the process to "close" the escrow or finish the transaction.
The Inspection and Contingency Periods
After a contract has been accepted there are limited periods of time where inspections and financing application are allowed. In a cash transaction, there is no financing contingency time period.
Now is the time to apply for your loan.
Your Dominion Real Estate Partners professional will assist you with the following:
Obtaining a physical inspection of the property by a qualified inspector including termite and any
Review and approve the seller's Disclosure Statement and Preliminary Title Report.
Select an insurance company and coverage. Your insurance is required to be in effect at close of escrow.
Home warranty programs provide peace of mind. They allow you to know the conditions of the home before you buy. They offer coverage on major systems like air conditioning, heating, plumbing and kitchen appliances.
Sign Documents and Down Payment
You will sign all documents at the title company. At this time you will bring a cashiers check made out to the title company or a money transfer. The Deed and Affidavit of Value requires notarization. Proper identification is necessary.
Closing the Escrow
After the down payment and closing costs are deposited to escrow, the lender sends the balance of purchase price to the title company. Your Deed is recorded with County Recorder's office.
Now you get your keys and move in!
Additional Financial Responsibilities
Purchasing real estate is an exciting time. However, there are additional costs that maybe included in your purchase. Ask your Dominion Real Estate Professional about applicable costs in your area.
You may see the following costs on the closing statement:
Home Association Fees
All New Loan Charges (except those required by lender for seller to pay)
Alta Title Insurance Premiums
Fire Insurance Premium