CONGRATULATIONS, YOU HAVE A CONTRACT
— NOW WHAT?
There’s a lot to do and we’re with you every step of the
way, with anticipation and follow through, attending to a myriad of
details and keeping everything on schedule. We pride ourselves in
making your experience as pleasant as possible. CLOSING
PROCESS — Step-by-Step
Typically, you can expect the closing process to unfold similar
to this outline. The day your offer is accepted is considered the
“Effective Date” and the closing activities are measured
from it. Here’s how it works…
1). The binder deposit is deposited in an escrow account
(by law, no later than the end of the third business day from effective
date).
2). If an additional binder is required, it’s important it’s
received by the escrow agent on time (usually within 10 days from
effective date).
3). Financing - Applications for any loan(s) required must be made
in a timely manner (usually within 10 days from effective date).
4). Contingencies - must be cleared in writing, such as:
Any financing must be approved by a letter of commitment from the
Buyer’s bank (usually within 30 days from effective date).
Home inspection report (usually within 10 days from effective date).
5). Appraisal - Usually ordered by the Buyer’s lender after
loan approval.
6). Survey - Usually ordered by the Buyer’s lender after loan
approval.
7). Title Insurance ordered - The contract determines who chooses
and who pays for title insurance.
8). Pest inspection - Report received by Buyer and Lender (at least
five days prior to closing).
9). Any required repairs ordered and completed.
10). Buyer applies for hazard insurance.
11). Insurance policy to title closing agent.
12). Closing date set with buyer and seller.
13). Pre closing inspection (walk-through) by Buyer.
14). Review closing documents (one day prior to closing) and net
amount of certified check necessary to close given to buyer.
15). Buyer’s cashiers check prepared or wire transfer initiated.
16). Closing date, bring a photo ID and your Social Security Number.
17). Copies of closing papers to all parties and cashiers check
or wire transfer to Seller.
POST CLOSING
18). You will receive a satisfaction of your mortgage (if any) from
your bank. Remember that that we want you to be a lifelong client
and we’re still here after your closing to help you tie up
any loose ends or assist in any way we can. |
