Home Selling 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've accepted an offer on your home.

ACCEPTED OFFER - EXCHANGE INFORMATION

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

HOME INSPECTION

The buyer will schedule a home inspection and inspect the property within the time frame agreed upon in the accepted offer, usually within 7-10 days.  If the buyers have an issue with something at the inspection, depending on the overall deal you’ve struck with them, they may make a request to us to negotiate a resolution. At this point, based on the outcome, the buyers can decide whether they want to proceed with the purchase or cancel within the time frame in the offer. The home inspection usually takes between 3-4 hours. We will stop in to make sure they are all set and answer any questions they may have. You should plan on not being home at that time.

PURCHASE & SALE AGREEMENT

The P&S agreement is a legal document that your attorney will draft, negotiate with the buyer's attorney for your best interests, and finalize for your review and signature along with the buyer's. The buyer will sign first, then we’ll send to you for signature. 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. The buyer's 2nd deposit is due at this time and the buyer's lender (if they are using one) will need a copy of the signed P&S before their lender can proceed with processing the loan.

APPRAISAL

After the P&S is signed, the lender will 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 our office. We will attend the appraisal. You do not need to be home for this, but being there is totally fine. The appointment usually takes about 30 minutes. You should try to have your home in as pristine condition as possible for this appointment, but appraisers do understand that you are packing too! Usually within 7-10 days the appraiser will submit the report to the lender.

SMOKE & CARBON MONOXIDE CERTIFICATE

Your smoke and carbon monoxide detectors need to comply with current requirements in your town. We'll need to set up an appointment with the local fire department to come out to your home and inspect. After a successful inspection the fire department will issue a Certificate of Compliance indicating your home meets the smoke detector requirements. The lender and attorneys will need the original certificate at closing in order to close. Before the inspection, you'll need to verify your detectors and carbon monoxide detectors are in compliance. If you'd like to have a qualified person handle this for you, we recommend Wayne Huntley of Distinctive Home Property Mgt Andover, MA 978-604-2030, waynehuntley13@gmail.com. He's someone you can hire to handle this from beginning to end to make it easier for you.

6D (if you're selling a condo)

We’ll get in touch with your condo association to obtain a 6D certificate. The closing attorney will require a “clean” 6D, which states there are no unpaid condo fees or special assessments. The recording of a clean 6D certificate will prevent the association from ever filing a lien against the unit.

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. It's best to schedule the movers to come the day before closing so all of your belongings are moved out of the home and you'll have time to prepare the home to broom swept, and free of all debris status by the night before closing. If this is not possible, you'll need to schedule the movers to arrive as early as possible the day of closing to ensure everything is moved out and meets the level of agreed to condition prior to the walk through which will typically happen an hour before closing. A good rule of thumb is to leave your home the way you'd like to receive it. This means cleaned appliances, bathrooms & kitchen, swept/vacuumed floors, all debris not agreed to remain must be removed no matter how old even if they were left for you when you purchased the home.

FINANCE COMMITMENT

If the buyer for your home has a mortgage contingency, then the lender must provide a written commitment to the buyer that they will provide the financing to purchase your home (or not) on or before the date agreed upon in the contract. If a lender cannot provide a borrower with a commitment letter by the loan commitment deadline specified in the purchase & sale agreement, the buyer has two options: (1) Ask for and obtain a written and signed extension to the loan commitment deadline, or (2) end the contract with the seller in order to protect his or her deposits. If the buyer does not obtain an extension for financing or decided to end the contract by the loan commitment deadline, they run the risk of losing their full deposits if the lender subsequently does not provide financing in time for the closing date, thus preventing the buyer from buying the home.  

UTILITIES

10 business days before closing, you'll need to contact electric, telephone, cable, gas, homeowner's insurance, and other service companies to let them know you're closing on your home and to take the service out of your name as of the day after closing day. Do not have the utilities turned off the day of closing, all utilities must be functioning for final walkthrough and up to the moment of closing. 

You do not have to contact the water department; the attorneys will take care of that.

OIL READING

A final oil reading needs to be done 7-10 days before closing. You'll need to contact your oil company and set up a final reading. The reason we need to do it 7-10 days before closing is so that we can get the final oil bill to the bank with enough time to comply with federal TRID regulations. The oil company will give you a receipt that will say how much oil is remaining in the tank and what you paid to fill the tank, so at closing you will get a credit for the unused oil. You'll need to send the receipt to us as soon as you get it so it can be added to the CD for closing.

WATER READING

We'll need a final water reading, this typically happens 7-10 days before closing so that we can get the final water bill to the bank with enough time to comply with federal TRID regulations. The final water bill needs to be paid at the closing from the proceeds of sale. We will contact the town to set up the appointment, and we'll let you know the date/time so someone can be there to let them in.

POWER OF ATTORNEY

Most sellers do not attend closing, so you will give your attorney the power of attorney to attend the closing and sign documents on your behalf. The attorney’s office will contact you a week or so before closing to have you sign the necessary paperwork, and it must be notarized. We can help with notarizing documents as needed.

CLOSING DISCLOSURE (CD)

Your attorney will provide you with a closing disclosure about 3 days before closing. The closing disclosure shows your portion of the fees associated with the transaction, including the purchase price, the cost to pay off the existing mortgage, any other liens on the property, and any adjustments in the purchase price for prepaid or unpaid local taxes. Next, it goes over any closing costs you agreed to pay during negotiations with the buyer. Prepaid escrow items are also here as well as anything else that might have been negotiated between the parties.

WALK THROUGH

The day of or day before closing, the buyers will schedule a time to walk through the home to make sure it is in the same condition as when the offer was accepted and nothing has changed. The walk-through usually takes about 1/2 hour. The home needs to be broom-swept and free of all debris. This means all rooms, closets and cabinets are empty and cleaned out, rugs are vacuumed, floors are swept, any damage that might have occurred from the period after the purchase contract was signed or home inspection was completed has been repaired, and nothing is left behind that was not agreed upon either in the P&S, listed on the inclusions/exclusions list, or during follow-up discussions between the parties. DO NOT LEAVE ANYTHING ELSE, even if it was left for you when you bought the home. Leave the home free of all items and cleaned to a reasonable level. This goes a long way to smooth out any potential hiccups after the closing and leaves you and the buyers with a good state of mind. DO NOT LEAVE anything that hasn’t been agreed to, when in doubt ask us. Ron will also connect with you about a week before closing to perform a walkthrough with you to ensure you’re removing everything that needs to be removed.

CLOSING

A closing is where the buyers, their closing attorney, and your attorney meet to sign all the documents. Sellers typically do not attend closings, as their attorney attends on their behalf, and with a simple power of attorney, will sign the documents for you. Should you choose to or for some reason need to attend the closing, the time and place is usually confirmed a few days in advance.