What to Expect From Contract Acceptance to Closing

Here's an awesome post from Jana in Arizona regarding a real estate transaction for a buyer from Conract to Closing. While a few items and timelines may be slightly different here in Louisville, KY, this provides a basis for what to expect when moving through the transaction...usually the 2 biggest obstacles to get around is the home inspection and the buyers financing

Congratulations!  Your offer was accepted!  Now what?

Your realtor will send copies of fully executed contract to the title company and your loan officer to begin processing of paperwork.

You will need to:

1)Deposit your earnest money with the title company.  Get a certified check made payable to the Title Company.  Be sure to note the address of the property you are purchasing on the check.  

2)Schedule your home inspection, including termite inspection.  In Arizona, this must be done within first 10 days of contract acceptance.  Ask for a copy of the Seller Property Disclosure Statement (divulgence of any pertinent information related to the house by the current homeowner) and Inspection History Report (CLUE Report ) if it has not already been provided to you.  Be sure to be there towards the end of the inspection so you may talk to inspector about findings.  Of course, you may waive your right to an inspection, but I wouldn't recommend it.

3)Complete Buyers Inspection Notice Sellers Response (BINSR) according to findings in inspection.  Most people will only ask Seller to repair major things, such as termite treatment if termites are found.  If there's a broken light switch cover, there's not a lot of sense in asking for it to be fixed when it costs approximately $1.00 at Home Depot.  Seller will respond (usually within 5 days) as to what they will and will not agree to fix.  At this point, you can choose to move forward with purchase or back out of the contract altogether and be reimbursed your earnest money.  If Seller has agreed to make repairs, repairs must be made prior to close of escrow (usually 3 days before COE).

4)During the same time inspection period is going on, your  lender will be processing paperwork, and will most likely need to gather more documents from you in order to submit the file to their underwriter.  It’s important to obtain and submit these documents as soon as you can so that the lender has enough time to process things prior to closing.  Most delays in today’s closings happen because the lender needs more documentation or time to push the file through.  Be proactive!

5)Obtain homeowner's insurance on the property being purchased.

6)If you will be purchasing a home warranty, it's time to get this ordered.

7)Once you get closer to the date of closing, you’ll need to line up the utilities into your name: Water, Garbage, Gas, Electric, Cable, etc.  Have them set up the utilities in your name for the day of closing–but not before! You don’t want to be liable for any unpaid or delinquent bills or fees.

8)Complete a final walkthrough with your realtor to make sure the property’s condition is as you expected and all requested repairs that Seller has agreed to are completed to satisfaction.  Obtain a Cashier’s check for the final amount due for down payment and closing costs.

9)Sign closing documents with title.  Collect keys.

10)It's time to move in!  :)

Of course, this is a basic outline.  There will be a lot of paperwork to sign throughout the purchase process.   Every transaction is a little different.  Your realtor will guide you through it.  

Jana Haren Realtor, MSSC

www.janaharenhomes.com

Comment balloon 0 commentsS W • June 01 2013 07:19AM
What to Expect From Contract Acceptance to Closing
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