we walk you through the process from contract to closing
You are under contract! Fabulous!! However, there is still much to do before closing.
Most purchase agreements have five to six contingencies. These contingencies give you time to investigate the property and make sure it is a wise purchase. You can cancel the contract without penalty if things do not check out or do not go as expected.
The typical contingencies allow you time to do inspections, review title and home-owner association documents, obtain insurance, receive and review an appraisal and get your loan fully approved. There may be a contingency for closing on a current property you own.
All of the investigations must be completed within certain time limits specified in the purchase agreement. Failing to get tasks done in a timely manner can cause you to lose rights under the contract.
All CHR agents have access to a Transaction Manager and, depending on the circumstances of your particular transaction, these skilled staff people will monitor your transaction and guide you through the process smoothly.
After mutual acceptance, the Escrow process begins. The typical time from the date of a signed agreement through to closing is between 3 and 6 weeks, depending on the terms of the contract. The first priorities during this time are for the delivery of the Earnest Money, and the inspection – though there are other factors to consider as well. In short, we will work with you to ensure you perform your own contractual duties, and we will suggest methods for you to research the property to your complete satisfaction.
After the inspection period, the lender will work with you to complete the loan process, the title company will research the title history, and the seller will work to pack-up and prepare the home for closing and transfer of ownership. Assuming everything goes smoothly, these final steps will typically occur in the last week before the closing date…
- title will be “marketable” and clear of any clouds, defects or other issues
- lender will order the final documents (this is the “true” indication of loan approval)
- documents will then be reviewed and sent to the Escrow company
- buyer and seller will have separate “signing appointments” at Escrow
- funding will occur on the closing date
- documents will be recorded at the county
- you’ll get your keys!