Thank you for allowing Luxury Real Estate Advisors the opportunity to assist you in purchasing your residence.
Luxury Real Estate Advisors (LREA) provides a full range of strategic solutions to assist buyers and sellers when navigating the complex luxury real estate segment. This page is designed to help breakdown the buying process, so you are fully aware of the next steps.
1. Residential Purchase Agreement (RPG)
- Buyer signs the RPA and Buyers agent submits offer to the seller’s agent
- Counter Offers (if applicable)
- Seller can counter back on price or other items specified in the RPA. This is then reviewed and accepted, or a second counteroffer is submitted back by the buyer. There may be several counter offers that go back and forth until the terms of the purchase are agreed upon
2. Offer accepted, and Escrow Opened
- The fully executed purchase ageement is sent to the Title company or (TC)
- TC opens an escrow account, specific to this transaction and supply instructions on submitting the earnest money deposit outlined on page 1, line 13.
- Earnest Money Deposit (EMD) submitted by the buyer typically within 48 hours after terms are accepted
- A preliminary title/lien report is ordered (can take five days to receive)
- TC will request a statement of personal information from all parties.
- If the residence is/will be in an LLC or Trust, the buyer shall provide these documents as soon as possible.
- Addendums (if applicable)- After Escrow is open if a term needs to be changed an addendum is drawn up and signed by both parties and then sent to Escrow.
3. Buyers Due Diligence Period (typically expires ten days from acceptance)
- Realtor/Buyer to schedule a home inspection
- Realtor/Buyer then reviews inspection report and determine if a request to repairs items is applicable
- Sign buyer related disclosures.
- Duties Owed
- Consent to Act (if applicable)
- Sellers Real Property Report
- Confirmation of Real Estate Agency Relationship (if applicable)
- Wire Fraud Disclosure
- Lux Advisors General Disclosures
- Mold Disclosure
- SRPD Disclosure
- Nevada Residential Disclosure Guide
- Receipt of “For Your Protection” Notice (Home Inspection)
- Before You Purchase Property…Did you Know? (When Applicable)
4. Loan Approval Process if applicable:
- Order Appraisal: Lender will typically choose a certified appraiser to evaluate the property.
- Loan Approval: Lender to provide the terms of the loan within a specified number of days, per the purchase agreement.
5. Within five days of opening escrow, title shall provide Buyer with a prelim title report.
- Within three days, seller to order the Resale Package (HOA documents/Financials) and provide to Buyer. (can take up to 10 business days to receive from the HOA)
- HOA demands/balance Inquiries are ordered (3 days before closing)
- Review estimated HUD (Settlement Statement) (2 days before the closing of escrow)
- Walk-through (1 day before closing)
- Buyer wires the remaining funds
- The title will supply closing docs one day before the close of escrow. These docs are typically emailed. Clients can elect to sign in office or FedEx documents to the title.
- Once the title has the necessary documents and funds, they will send the file to the county for recording.
- Once recorded, buyer’s agent collects keys/fobs and take possession of the residence.
Should you have further Real Estate needs, please do not hesitate to contact us.