Under Contract

Once you have a contract there is a lot of work to do. We will help you do it.

You Have A Contract!

Now What?

Congratulations! You are going to soon be a homeowner. Now that we have an accepted contract, the Due Diligence Period has started!

1. “Offer to Purchase” has been forwarded to your lender by our office.

2. Meet with your lender to get all loan documents completed.

3. Choose an attorney. Once an attorney has been chosen, this will need to be reported to your lender and we will forward your “Offer to Purchase” to them to start your file.

4. Your lender will order the appraisal once you have paid the appraisal fee. This should be completed at lease a week before due diligence period expires to allow time for approval. Should it come in too low, this will give us enough time to either walk away or renegotiate.

5. When your closing cost disclosure is received, please forward a copy to us for your file for review.

6. Decide which items you would like to have done (a) home inspection, (b) survey, (c) termite inspection, (d) and well/septic. All of these items are a buyer’s expense and your choice (unless lender requires) if you would like to do them.

7. When choosing the home inspection, this will be a couple of hours and the buyer should be available to be at the property at some time during the inspection.

8. Homeowner’s insurance – your lender will require you to get an insurance quote to complete all of your documents. Once a closing date is chosen, your insurance company needs that date to make the policy effective and forward documents to lender/attorney for payment.

9. Within 3 days of closing, the closing disclosure will be forwarded to you for review. Please share this with us as well to verify that all items negotiated are included. The attorney will also review this document with you prior to signing.

10. Utilities should be transferred into your name effective the day of the closing.

Closing Day

We will do a final walk-through of the home to make sure everything is as it was when the contract was written. Then we will go to the attorney’s office for signing. Please allow one hour of this. If the closing is scheduled early in the day, it should allow enough time for the attorney to record the deed and release the keys. If the closing is later in the day, then recording the deed and release of the keys may not happen until the next business day.

Statistically speaking, this is one of the largest purchases the average American will make in his/her lifetime. We appreciate you choosing Shelton Real Estate Center to assist you with such a monumental occasion!