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Once the Agreement For Sale has been signed, we have found that Buyers and Sellers generally are not familiar with the steps necessary to get to the closing table. After all, it's not something you do everyday. The outline shown below will give you an idea of the steps that follow the signing of the contract and lead to the closing. Every transaction will be different; they can occur more quickly or can take longer, and might not include everything shown below. But this will give you a good idea of what to expect, when certain steps should be done, who should do them, and how long they take. |
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DATE |
ACTIVITY |
RESPONSIBLE PARTY |
| DAY 1 | Sign Contract |
Buyers & Sellers |
| DAY 2 | Order
Title Insurance and deposit earnest money Order home inspection (Optional) |
Seller Buyer |
| DAY 5 |
Submit formal application
for loan; notify seller and title company |
Buyer Lender |
| DAY 9 | Receive home inspection; notify seller as required. | Buyer |
| DAY 15 | Title search completed; title insurance commitment issued to lender, buyer and seller appraisal complete. | Title Company |
| DAY 30 | Receive formal acceptance of loan; lock in rate, notify seller and title company. | Buyer |
| DAY 31 | Order
survey and termite inspection. Order payoff information |
Buyer/Title
Company Title Company |
| DAY 38 | Survey & Termite inspection | Title Company |
| DAY 44 | Lender sends closing package to title company; final figures computed | Lender/Title Company |
| DAY 45 | Closing | Title Company |
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