What to expect when you buy

Every purchase moves through three milestones. Your Buy > Deals page uses these same names, under In purchase, and flags anything waiting on you.

LOI Signed

You reserve the home: financing, management plan, letter of intent (LOI) and payment. The home comes off the market for other buyers.

PSA Signed

We prepare your Purchase and Sale Agreement (PSA) and send it for signature. This is the contract that sets your purchase price, and the day you sign it your 10-day inspection window opens.

Closed

The home is yours. Our team places or keeps the tenant and manages the rental. Income distributions begin once your bank details are linked.

Reserving the home costs $1,000, and it counts toward what you owe at closing. At closing you pay a 3% buyer fee, settled through the title company. Your $1,000 is credited against it, so reserving is not an added cost of buying: it is the first $1,000 of a fee you would owe at closing anyway.

If the deal does not move forward, the $1,000 is not refunded. Pre-paid add-ons from checkout, such as a prepaid management plan, are refunded if the home does not close. The reservation fee is the exception.

Why we charge it: reserving takes the home off the market for everyone else. We begin title work and stop showing it to other buyers. The fee keeps homes from sitting on reservations that were never going to close, which is what makes your own reservation worth something.

The price printed on your LOI is the home's list price, not the price you agreed to. This is a known gap in how we generate that document today, and we are fixing it. Your agreed price is recorded when you reserve, and every document after the LOI reflects it. It does not change what you pay.

The LOI records that you intend to move forward. Your PSA is the contract that sets your purchase price. If the price on your PSA is ever anything other than what you agreed to, stop and tell us before you sign.

Once your PSA is signed, you have 10 days to inspect the home. The clock starts on the date the PSA is signed, not when your offer was accepted and not when you signed the LOI.

• You choose the inspector and order the inspection. The report is yours, from someone independent of Doorvest.
• Tell us as soon as it is scheduled so we can arrange access. Most of these homes have a tenant in place, which takes a little notice.
• If it turns up something material, this is the moment to raise it. A second conversation after the inspection is a normal round in these deals, not a broken deal. It is most often settled as a credit at closing rather than repairs beforehand.
• If what you find is a dealbreaker, you are not locked in. That is what this window is for. If what you learn changes your mind, you can step away inside the window rather than carry a property you no longer want.
• Need more time? The window can be extended by amendment. Ask early rather than on the last day.

• Financing confirmation: proof of funds, or a pre-approval from your lender.
• Management Agreement (MA): your agreement with Doorvest to manage the home.
• W-9.
• Bank details: where your rental income is deposited after closing.
• Your signature on the PSA when it arrives.

Your purchase on the Deals page flags the MA, W-9, bank details and PSA while any of them is outstanding. Send financing confirmation to our team when you have it.

On timing: closing dates move with financing, title work and the seller's situation. We give you a target date and tell you promptly if it shifts.

Any question, at any point: ask. If something does not match what you agreed to, say so before you sign. Catching it early is far easier than correcting it afterward. Message us in Messages, or reply to any email from our team.