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Traditional Sale

TRADITIONAL

The traditional real estate sale process involves several key steps that buyers and sellers typically go through to complete a property transaction. Here’s an overview of the process:

1. Preparation and Research:

  • Sellers prepare their property for sale by making necessary repairs, cleaning, and staging to showcase its best features.
  • Buyers begin researching the market, identifying neighborhoods, and determining their budget.

2. Listing the Property:

  • Sellers work with a real estate agent to list their property on the market, which involves creating a detailed listing with property information, photos, and sometimes virtual tours.

3. Marketing and Showings:

  • The property is marketed through various channels, such as online listings, real estate websites, and possibly print media.
  • Potential buyers schedule showings to view the property in person.

4. Offers and Negotiations:

  • Buyers interested in the property submit offers through their real estate agents.
  • Sellers review the offers and negotiate terms, including price, contingencies, and closing date.

5. Acceptance of Offer:

  • Once an offer is accepted, the buyer and seller enter into a legally binding contract known as the purchase agreement.

6. Inspections and Contingencies:

  • The buyer typically conducts inspections to assess the property's condition, which can lead to negotiations for repairs or adjustments to the sale price.
  • Contingencies in the contract might include financing, appraisal, and other conditions that need to be met for the sale to proceed.

7. Appraisal and Financing:

  • The buyer's lender orders an appraisal to ensure the property's value aligns with the purchase price.
  • The buyer secures financing based on the appraisal and their creditworthiness

8. Title Search and Escrow:

  • A title company performs a title search to ensure the property's ownership is clear and there are no liens or claims against it.
  • The transaction is typically placed in an escrow account, where a neutral third party holds funds and documents until all conditions are met.

9. Finalizing Details:

  • Buyers review and sign a variety of documents related to the purchase, including the closing disclosure and loan documents.

10. Closing:

  • The closing meeting is scheduled, where the buyer, seller, real estate agents, and sometimes attorneys gather to sign the final documents.
  • Funds are transferred, and ownership of the property officially changes hands.

11. Recording and Possession:

  • The sale is recorded with the appropriate government agency to update the property's ownership records.
  • The buyer receives the keys and takes possession of the property.

This traditional process can vary based on local regulations, market conditions, and individual circumstances. It’s important for both buyers and sellers to work closely with experienced real estate professionals to navigate each step successfully.

APPROXIMATE HOME VALUE

We combine Artificial Intelligence algorithmic analysis powered by HomeBot.ai with experienced real estate broker evaluation, consultation, and unique selling platforms.

Barrister Brokers offers expert real estate services with legal expertise for buyers, sellers, and investors in Maryland.

David K. Wheaton, Esq.

Associate Broker / Realtor / Consultant

REVOL REAL ESTATE BROKERAGE

MD License: 5002598 / Office: REVOL1

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