Purchaser’s Process

Once Contracts are Signed, here are the common steps to executing your contract of sale properly:

  1. Fully signed contracts (signed by both parties) & 1st good faith deposit if necessary.
  2. Attorney approval for both purchaser & seller. This will be completed by your attorney within a few business days of receiving the contract of sale.
  3. Home Inspection – This is immediately after step two. Usually performed within 7 days after execution of signed contract. Cost is approximately $300 by a licensed home inspector (radon testing-add approx. $125). These fees are due at the time of inspection. Note that home inspectors are usually very busy & a few days behind in their schedule. It is a good idea to call to set up home inspection right after step one but to make sure that the actual inspection occurs after both attorneys have approved of the contract.
  4. Full deposit due at this time.
  5. Apply for your mortgage with your lender – (application fee will be due at this time).
  6. Receive from your bank a full written commitment. This usually takes the bank 20-30 days to complete for you.
  7. Arrange & pay for 1 year home owner’s insurance. Also, the same for flood insurance if required by your lender.
  8. Closing – Usually within 60 days after bank application. Your contract will have a target closing date. At this point your attorney will tell you exactly how much cash you will need for closing (to be paid in certified funds.)
  9. Just prior to closing you do a “final walk thru” through the home, It should be in the same condition as it was when you first saw it.
  10. When notified of the exact closing date – call the electric, gas & water company’s for a “turn on” or transfer of the utilities.

If you have any questions, I am always here to help. I can supply you with the information & materials you need.