Contract to Closing

FROM CONTRACT TO CLOSING

When you have a signed contract on your property, the following is a progression of events leading up to the closing:

Loan Application by Buyers

  • Home Inspection
  • Lender sends verification of employment forms to Buyer's employers
  • Credit Report Ordered
  • Appraisal Ordered by Lender
  • Loan goes to Loan Committee for Approval (within 2 to 3 weeks)
  • Notification of Approval to Buyers and Agents Involved (Some lenders require borrowers to now pay an Origination Fee)
  • Loan sent to Attorney or Title Company
  • Survey Ordered (if applicable)
  • Title Search completed on Property
  • Termite and Septic Inspections
  • Payoff Request
  • Closing Date Set

Your Town & Country Realtor® will go over the closing statement (also referred to as a HUD1 form) with you, and you will be told the amount of your proceeds.

If the buyer has requested a Home Inspection on your property, your Realtor will inform you of the appointment.As the Seller, you have the option of being present during the home inspection. The Buyer’s agent will do the final walk-through on the home with the Buyer prior to closing to verify that the condition of the home meets the terms of the contract.

Real Estate Links Our Domains