The Real Estate Team of: .      .         ***Donna & David Michael Leedy***
The Real Estate Team of: . . ***Donna & David Michael Leedy*** - . Licensed Realtors
Century 21 Gemini LLC Realty - 192 Bellevue Avenue, Upper Montclair, NJ 07043 | cell 973 953-1955
$299999, BLOOMFIELD$149999, East Orange$249000, Bloomfield$187000, Montclair$199900, BLOOMFIELD
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The Real Estate Team of: . . ***Donna & David Michael Leedy***
. Licensed Realtors
Century 21 Gemini LLC Realty

192 Bellevue Avenue
Upper Montclair, NJ 07043
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cell 973 953-1955
Email

BUYING A HOME?

TO MAKE THE PROCESS STREAMLINED, THIS IS A STEP-BY-STEP GUIDE TO BUYING A HOME: ------------------------------------------------------------------------------------------------------------------------ . PHASE I - SELECT A HOME 1. Call your Real Estate Agent 2. Meet with your agent to: a. Pre-Qualify for a mortgage b. Discuss the type of home you need and want. 3. Your Agent will: a. Review the multiple listings to find homes that meet your requirements. b. Schedule an appointment. c. Show you the homes you want to see. 4. Select the home of your choice. a. Discuss the offer price with your agent. -------------------------------------------------------------------------------------------------------------- . PHASE II - NEGOTIATE THE TERMS: 5. Your Agent will prepare a written offer and present it to the seller. Seller may accept or reject your offer, or make a counter offer. 6. Your Agent acts as a go-between in negotiations between you and the seller. 7. Once you and the seller agree to terms, a contract of sale is executed. a. Place a good faith deposit in a trust account, usually $1000. b. Your Attorney and the Seller's Attorney review the contract. c. The Attorney review period is three business days. 8. Once the Attorney review is completed, you select a Home Inspector and arrange for the inspection. You should be present at the inspection. 9. Review the home inspections with your Agent and Attorney. He or she will advise you of any further steps to be taken. . . ------------------------------------------------------------------------------------------------------------------------ PHASE III - PROCESSING THE MORTGAGE: 10. Your Mortgage Representative will finalize your mortgage application (you pre-qualified back in step 2) and guide you through the process. 11. Your mortgage application goes to the Processor who verifies the information on your application and checks your credit report. 12. The Bank or Mortgage Company will order an appraisal of your property. Your Agent will arrange an appointment with the seller. 13. The Underwriter evaluates the information and approves the loan. You will receive a Mortgage Commitment. Review the Mortgage Commitment, sign it, and return it to the lender. 14. The lender will send copies of the commitment to you, and your Agent and Attorney. . . ------------------------------------------------------------------------------------------------------------------------ PHASE IV - PREPARING FOR THE CLOSING: 15. The Seller will get a "Certificate of Occupancy" from the town. This is to be forwarded to the Attorney. 16. Your Attorney will order: a. A Title search. b. A survey. c. Other legal documents. 17. Your Attorney and the Seller's Attorney review the documents and settle any open issues. 18. The Lender: a. Contacts the Attorney. b. Schedules the Closing, and c. Prepares the Closing Package. d. Once the Closing date is set, your Attorney will advise you to get Homeowners Insurance prior to closing. 19. You prepare for the Closing: a. Review transfer of utilities. b. Get final Closing costs from your Attorney. c. Set appointment for the walk through with your Agent. . . ------------------------------------------------------------------------------------------------------------------------ PHASE V - CLOSING: 20. Bring your: a. Homeowner's Policy. b. A Certified Check. c. Your checkbook for any incedental costs. 21. At the Closing: a. You will sign the Mortgage and other documents. b. Final adjustments will be made for miscellaneous items, taxes, heating oil, etc. c. The Seller gets paid and gives you the deed and keys to your new home. 22. Your Attorney will: a. Report the change in ownership to the town. b. Record the deed. c. Send you copies of the Closing documents. 23. About two months after the Closing, you will receive the recorded Closing document and Title binders in the mail. 24. REFER YOUR FRIENDS, FAMILY MEMBERS AND NEIGHBORS TO YOUR AGENT.

The Real Estate Team of: . . ***Donna & David Michael Leedy*** || 192 Bellevue Avenue, Upper Montclair, NJ 07043 || cell 973 953-1955 || david.leedy@century21.com