A typical transaction requires financing, which requires applications and approvals, which require paperwork, which ultimately require your cooperation and organization! The process from beginning to end should follow the pattern below.

A Loan Officer will meet with you to discuss your current situation and you will be asked to provide certain documentation, such as Bank Statements, W-2's if you are a salaried employee or tax returns if you are self-employed, drivers license, social security number, and authorization for your credit report to be obtained. You will review your goals and go over the loan programs that may be available to you.

Once your application is complete, a loan package is submitted to an underwriter for approval. At loan approval, you may be asked to provide additional documentation to satisfy the Lender requirements prior to documents being drawn and sent for signatures.

Documents are prepared and sent to the Escrow/Title company. You will review the documents to verify that the terms and rates you were promised are present, and after verification you will sign the documents. The Escrow/Title company sends the documents back to the Lender. Once the Lender has approved of the final package, funds are wired to the Escrow/Title company in order for the escrow to close.

The time for actual transfer of the property varies from state to state. Some states close the escrow and transfer the property upon receipt of funds from the lender, while in other states the Deed must be recorded at the proper government agency in order for the property to transfer.