Home Buying Timeline

The following is a general timeline to show you what to expect from an accepted offer until closing day. Please note, every transaction is different and these timeframes are general and may change throughout the course of your transaction. We will send you a personalized timeline once you have an accepted offer on a home. 

OFFER ACCEPTED - EXCHANGE INFORMATION

We will provide all involved parties (agents, lender, attorneys) with the appropriate contact information for everyone involved in the transaction.

HOME INSPECTION

If your Offer to Purchase contract included a Home Inspection contingency, we will connect you with our recommended inspectors for you to schedule an inspection of the property within the time frame agreed upon in your offer, which is usually within 7-10 days. Based on the outcome of the inspection, you can choose whether you want to proceed with the purchase or cancel the purchase with your deposits returned to you. The home inspection usually takes between 3-4 hours, and we will attend the inspection with you.

PURCHASE & SALE AGREEMENT

The P&S agreement is a legal document that is prepared by the seller's attorney, negotiated with your attorney for your best interests and finalized for your review and signature along with the sellers. It is signed approximately 10-14 days after the offer has been accepted and all home inspections have taken place. The P&S may include any agreements reached about issues found during the home inspection. This document outlines in more detail the terms and conditions of the transaction. Your 2nd deposit is due at this time, please have funds available to be used by this date.

APPRAISAL

After the P&S is signed, and depending on the overall deal scenario, the lender may order an appraisal of the home to determine if it has a sufficient value to justify the bank's decision to loan on the home. The appraiser will schedule the appointment by contacting the seller's agent, who will attend the appointment and provide additional information to assist the appraiser as requested. The appraiser will then submit the report to your lender's underwriting department usually within 7 days after the appointment. You will be notified by the lender when the appraisal process is completed and what the results are.

HOME OWNER’S INSURANCE

You will be required to have one year of homeowner’s insurance prepaid before closing on your home, that must cover the mortgage amount at a minimum to close on the loan. You'll need to contact your attorney or lender's office for specific details and deadlines for when this must be done and what is needed in the policy. You'll need to submit a copy of the insurance binder to the lender well ahead of the final loan commitment date. 

IF YOU'RE PURCHASING A CONDO:

Your lender will require a certain level of insurance coverage for your home. They will perform a formal insurance review to find out if the condo association's master insurance coverage meets all of their requirements.  If it meets their requirements, you are encouraged to seek additional coverage for your own needs. If it does not meet their requirements, you will be required to purchase a policy. Contact your lenders office for specific details and deadlines for when this must be done by and what is needed in the policy if you are required to purchase one.

SCHEDULE MOVING COMPANY

Moving companies can be quite busy, so don’t wait until the last minute to do your due diligence and inquire about costs, services and availability. Weekends are typically busier and more costly. Plan at least a 24-hour buffer from closing to scheduling the moving vans to show up! We have numerous providers to share with you, contact Ron for more details.

FINANCE COMMITMENT

Stay in touch with your lender/mortgage contact to be sure you are on track for finance commitment. The process can feel like a nuisance, but understand that governmental agencies and/or investors require detailed documentation about your unique situation. Sometimes, after your loan package is presented to the underwriter, they request even more information. The lender must provide a written commitment to you that they will provide the financing to purchase the home on or before the date agreed upon in the contract. If the lender cannot provide you with a commitment letter with minimal and typical conditions by the loan commitment deadline specified in the purchase and sale agreement, you have two options: (1) Ask for and obtain a written and signed extension to the loan commitment deadline from the seller, or (2) terminate the contract with the seller in order to protect your deposits. If you fail to obtain an extension or terminate the contract by the loan commitment deadline, you run the risk of losing both deposits if the lender subsequently does not provide financing in time for the closing date, thus preventing you from buying the home.  And remember DO NOT take on any new credit, or make any large purchases on credit, buy a car, or change jobs without speaking to your lender FIRST!

UTILITIES

10 business days before closing, you'll need to contact electric, telephone, cable, gas/oil, other service companies, and your home insurance provider to transfer service into your name as of closing day. We will obtain and provide you with the contact information for all providers you will need to contact. If the home has oil heat, there will be some oil left in the tank which you will need to reimburse the seller for at closing. This amount will be verified and will appear on the closing disclosure. You should set up an oil account and schedule a delivery for oil shortly after you move in, unless the tank is left substantially full or it’s summertime. You do not need to contact the water department; the attorneys will take care of that.

OBTAIN FUNDS FOR CLOSING

You’ve already made your 1st deposit with the offer, your 2nd deposit at the purchase & sale signing, and now you need to transfer the remaining funds to the closing attorney's accounts or prepare a bank check for the rest of your down payment and any closing costs or prepaid expenses that you owe. The amount will be finalized and determined approximately 5 days before closing by the closing attorney. If your final number is more than the estimated amount you prepared for, the closing attorney will cut you a check back for the difference. And if less, you'll be asked to write a check for the difference at closing. If you are planning to wire funds to the closing attorney's account, THIS MAY NOT BE AN OPTION. Check with your lender and closing attorney ASAP, and only discuss wire transfer procedures over the phone with the closing attorney. For safety reasons, we will never ask you over email to transfer funds or give us routing numbers. If you are having a bank check delivered to you from a non-local bank, do this no less than 7 days before closing to ensure it is here on time.   

CLOSING DISCLOSURE (CD)

At least three days before your closing, you will receive a Closing Disclosure from your lender, which is a multi-page document that gives more details about your loan, its key terms, and how much you are paying in fees and other costs to obtain your mortgage. This three-day window allows you time to review and ask your lender any questions before you go to the closing table.

WALK THROUGH

The day prior to closing or the morning of closing, we will have a walk-through of the property to make sure the condition of the home is what was agreed upon. We’ll check with you to schedule a time and date for the walk-through, and it usually takes about 1/2 hour. 

CLOSING

A “closing” is where we meet with the attorneys and sometimes the seller and seller's agent. The time and place (either at the Registry of Deeds or a local office) is usually confirmed a few days before closing, so plan to be flexible with your schedule. You will be signing a multitude of mortgage-related documents, so be prepared for about a 45-minute process. Your closing funds will need to be in the form of a certified/cashier’s check payable to yourself (or wire transferred to the closing attorney's account and received prior to closing). Your lender will give you an estimate of what you need to "bring to closing". It is okay to write a personal check in a small amount for miscellaneous items in most cases. If your cashier’s check is too much, the attorney will issue a refund at closing.