Posted by Bradford Miller Law, P.C. - Experienced in Real Estate and Landlord Tenant Law
Although every transaction can be different, this is a general timeline from the Buyer's point of view.
1. You make an offer and the Seller accepts it.
2. You immediately call an Attorney and fax or email the contract to their office.
3. The Attorney will then begin their work on the transaction which will include reviewing the terms of the contract and drafting the paperwork necessary for closing.
4. Inspection deadline. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, you may ask the Seller to have the items repaired or a monetary credit given. However, please note that the Seller does not have to comply with your requests and at that point you may have the option to cancel the contract and have the earnest money returned to you.
5. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. If you are taking out a mortgage, this is the deadline where the lender either "commits" to lending money for the property or decides they cannot lend money for this property. Often this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time.
6. At some point, often after the Attorneys come to an agreement on all terms, an additional amount of earnest money is given to the office of the Seller's Realtor who puts it in an escrow account.
7. A "final walk-through" takes place, usually the day before the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.
Overall, this timeline typically takes around 60 days to complete but every transaction is different. Deadlines sometimes need to be extended for one reason or another.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
