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From Contract to Closing Step-by-Step
| Buyers: | Sign real estate contract and give broker earnest money check. |
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Sellers: |
Sign real estate contract making it binding upon both parties. |
| Realtor: | Gives one signed copy of contract to seller and one to buyer. Copies also forwarded to attorneys. Earnest money is deposited in an escrow account. |
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Sellers: |
Give their attorney or the REALTOR a copy of their last paid tax bill, survey and owner's title policy. |
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Buyers: |
Arrange for contractors' inspection. |
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Buyers: |
Arrange for home inspection. |
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Buyers: |
Make applications for mortgage; order homeowner insurance policy. |
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Buyers: |
Increase earnest money as specified in contract. |
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Buyers and Sellers: |
Confirm that mortgage commitment is obtained as provided. |
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Sellers: |
Make sure their attorney sends the title policy to buyer's lender. |
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Lender: |
Prepares mortgage or trust deed and note and advises buyers that they are ready for signature. |
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Buyers: |
Sign mortgage documents immediately. |
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Sellers: |
order NEW survey. |
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Lender: |
Orders title. |
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Sellers: |
Make sure attorney has obtained title report from buyers' lender and sign the deed, bill of sale, and affidavit of title, and get payoff letter from current lender. |
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Sellers' and Buyers' Attorney: |
Set appointment for closing. |
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Buyers: |
Obtain figure for the amount required to close and then obtain a certified or cashier's check for this amount. |
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Sellers and Buyers: |
Meet for closing - money and documents change hands. |
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Sellers and Buyers: |
Grant possession in accord with contract. Make sure all utilities have been notified and meters read. |
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