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Contract to Closing


Overall the most important thing you can do is watch your timelines! Your contract should dictate dates that the buyer must meet throughout the process. Watch these dates carefully and make sure things are moving along as promised.
 

Attorney Approval

Once you sign the contract, if there is an attorney approval contingency, it should be immediately sent to your attorney to review and approval. The buyer will do the same. Make sure you receive written approval from their attorney within the timeline specified on the contract.

Inspections

Inspections should be scheduled per the details of the contract. Most inspections are usually done within 5 calendar days. It is the buyer's responsibility to schedule the inspections to meet their contingencies. As the seller it is your responsibility to watch the timeframes and make sure the buyer gets them completed per the contract. You should receive written notice that the inspection contingency has been removed or released on or before the date specified in the purchase and sale contract, thus keeping the contract alive.

Loan Application (if not already completed)

Applications should be commenced upon execution of the contract, or soon thereafter. 

Loan Commitment

The contract will dictate the deadline to have a commitment letter from the lender. Keep in contact with the buyer, or their agent, to make sure the loan process is moving forward and on track to meet these deadlines. Make sure you receive the loan commitment letter from their lender by the date specified in the contract.

USPS Change of Address

You should submit your change of address the week before closing. When submitting you can choose the effective date, so within a week you should have the exact closing date.

Final Utility Readings

Once you have your scheduled closing date, contact utility companies to do final reads and have them switch over to the new owner.

Final Walkthrough

The buyer will do a final walkthrough of your home within 24 hours of closing. This is to make sure the home is broom clean per the contract. Make sure the home is ready and in good shape so that the walkthrough goes smoothly.

 


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