Now the Paperwork Really Begins
The due diligence process is all driven from the Effective Date on the contract, this finally occurs when both Seller and Buyer make no further changes. All activities rely on counting from this date.
Reaching Agreement with Seller
- Once all changes have occurred, Buyer now has an effective date, all processes key off of this date; e.g. escrow check is sent to listing agents office, home inspection, final approval by lender for loan usually in 30 days,
- Lender and Title company will usually assign a transaction coordinator to help you and the Buyer’s Agent keep on top of any missing paper work or property issues that may come up
Completing the Closing Process
- Home Inspection, negotiating contingencies
- Notifying Lender that Purchase and Sale is signed
- Selecting a Title or Law Firm Company
- Checking Title, Deed, Easements for any issues
- Ordering Lender’s Appraiser to visit home post inspection
- Negotiating with Seller if home comes in under value
- Receiving underwriter clear to close confirmation
Finalizing the closing date and location with all the parties involved
- Transaction coordinators from lending firm and the title or legal firm will work to tidy up dates, contract amounts and the time and place of closing
- At least 72 hours before the anticipated close date, the Lender will share final closing costs.
- 24-48 hours prior to close, there is usually a final walk through to ensure that all negotiated work is complete, the house in a “broom clean condition” and other agreed upon conditions are in place.
- Double check volumes in tanks, speak with Utility Companies and transfer accounts for day of closing