General Guidelines for Closing Process

  1. Buyer’s Offer To Purchase submitted in writing
  2. If seller or buyer does not have an attorney – they need to at this point. 
  3. Offer is negotiated verbally or with email (depending on the situation)
  4. With a verbally accepted offer the Buyer’s agent reworks the numbers and sends the offer back over (usually occurs within 2-4 hours after agreement)
  5. The seller signs the offer (usually within 1-12 hours unless the client is out of the country)
  6. Copies of the signed offer and other documents are sent to buyer’s agent and both attorneys
  7. The buyers make and pay for their inspection appointments.  They notify their agent who will accompany them with the inspector regarding timing.  Besides learning about the new home they are about to buy, this is a time to confirm any measurements and other details within the house to facilitate their move.
  8. The buyers start their mortgage application paying for the application and appraisal. 
  9. Seller’s attorney emails contract to Buyer’s attorney.
  10. Buyers sign contract
  11. Sellers sign contract
  12. When mortgage orders the appraisal the appraiser calls typically the buyer’s agent in the Northern Fairfield County area for an appointment
  13. The appraiser meets the buyer’s agent to view the property, the appraiser needs a copy of the signed contract and the MLS listing sheet to complete his evaluation
  14. The appraiser submits his report to the mortgage company
  15. The buyer is notified if there is a low appraisal
  16. Mortgage underwriting continues to approve the Buyer and occasional needs more documentation
  17. About 4-5 weeks (or sooner) before closing arrange for moving companies.
  18. About two weeks before the scheduled closing the buyer will arrange for the utilities to be changed on the day of closing.
  19. Mortgage approval could be complete between 2 weeks and 2 days prior to the scheduled closing date.  The attorneys handle this update.
  20. Sellers move and clean home.  Besides the lock box key all other keys remain in the home in one of the kitchen drawers.
  21. Buyers do a final walk thru prior to closing.
  22. CLOSING, typically at the seller’s attorney office. 
  23. If the Seller is closing on their new home this would typically happen in the same office immediately following.
  24. Buyers move in after the funds have been transferred and the closing is finished.