Contract and Escrow Phase
You made an offer to purchase real estate in Ocean City or the surrounding areas, the Seller accepted your offer and now you are under contract … what is next? Below is an overview of what you can expect as a Buyer as you work the escrow phase of the contract towards the property's settlement:
If you are financing your purchase the first step is to make official loan application with the mortgage lender you will be working with. Once you have made application the mortgage company will gather all of the required financial and supporting documentation from you, order the property appraisal, request necessary information from the homeowner’s association and then submit the complete loan package to underwriting for final loan approval. This process typically takes 30-45 days.
While the lender is working through the loan process the title company will be researching the title and deed of the Ocean City property you are purchasing to ensure they are free and clear of any encumbrances. Additionally, they will account for monies such as taxes and association fees and prepare all of the necessary documents for the property transfer at closing.
Once the steps above are initiated we will get the property inspections scheduled. A structural and mechanical inspection is the standard inspection that we order for all Ocean City property types. We can also order specialized inspections for items such as chimneys, crawl spaces, docks and other items as needed.
If the property you are purchasing is part of a homeowner’s association you have the right to a review of all of the governing and financial documents of the respective association. You will receive a resale package from the homeowner’s association of the Ocean City community you are purchasing in once you have a contract to purchase. You will then have ample time to review the documents and get any questions you may have answered to your satisfaction before moving forward with the sale.
As we get closer to closing you will get a final settlement statement from the title company and your lender for review. The settlement statement will outline and summarize all of the costs and charges associated with the Ocean City real estate purchase. I will provide you with all of the utility contact numbers so you can transfer them into your name. Prior to closing we will meet at the property for a final walk-through to ensure everything is as it should be and to confirm any requested repairs were completed.
As a real estate agent in Ocean City I walk my clients through this process and assist them at every step along the way. Buying a property “at the beach” should be a fun, enjoyable and stress-free process. I go to great lengths to ensure that happens for all of my clients and have reliable, experienced professionals that can assist with all of the steps above.
If you have any other questions or want to discuss the process of buying real estate in Ocean City or the surrounding areas in greater detail feel free to contact me directly anytime at 443-614-9179 or [email protected].