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From Contract to Closing Step by Step
Sellers: Sign real estate contract making it binding upon both parties Realtor: Gives one signed copy of contract to seller and one to buyer Sellers: Give their attorney or the REALTOR their last paid tax bill, survey and owner’s title policy Buyers: Arrange for contractors’ inspection Buyers: Arrange for home inspection Buyers: Make application for mortgage Buyers: Increase earnest money as specified in contract Buyers and Sellers: Make sure mortgage contingency is met as called for in the contract Sellers: Make sure their attorney sends the title policy to buyer’s lender Lender: Prepares mortgage or trust deed and note and advises buyers that they are ready for signature Buyers: Sign document, immediately Buyers: Obtain homeowners’ insurance (evidence must be shown at closing) Lender: Orders title 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 their lender Sellers and Buyers: Make sure appointment is set for closing Buyers: Obtain figure for the amount required to close and then obtain a certified or cashier’s check for this amount Sellers and Buyers: Meet for closing — money and documents change hands Sellers and Buyers: Grant possession in accord with contract. Make sure all utilities have been notified and meters read Note: Sellers usually pay: Buyers usually pay:
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