US Purchase Process

Buying in the US is relatively straight forward and can be a much speedier process that in other countries.
Please find our simplified purchase process instructions below.

1. Verbal Offer -Once a price is agreed the buyer pays goodwill deposit before making a formal offer in the form of a Purchase Agreement.
2. Purchase Agreement -Once you have signed a purchase agreement you will then place a 10% deposit in an escrow account with either a Title company or your attorney. Once signed this is a binding agreement although contingency clauses do allow either party to withdraw in defined circumstance.
3. Home inspection – Your purchase agreement should allow you to have a home inspection report done and the agreement should be contingent on resolving any issues that the inspector may find.
4. Title Insurance – When you buy a property you also buy Title Insurance. A title search is a review of public records. Looking for any problems with the title’s validity before closing. The policy insures against loss due to certain title defects that did not turn up during the title search. Your title company or lawyer will do this on your behalf.
5. Closing the Purchase – The closing or settlement is the transaction’s completion. All the documents are signed, you take the title of your new home and the seller and all other parties involved get paid.
6. Closing Costs – This can vary depending on the way you purchase your home i.e. with a mortgage or cash. Costs vary between 2-5%

For more detailed information on buying in the USA, contact us.