Getting to the Closing Table
So, we found a house...now what?
Once you find a property, and have settled on a price, your Realtor will meet with you to sign contracts. The seller will also sign contracts, and every party will receive a copy. Once all parties have signed contracts, then a process called “attorney review” begins. Attorney review is basically a “cooling off” period. Attorney review is a minimum of 3 business days but can take longer when changes to the contract are requested. Even if you do not use an attorney, there is still an attorney review period. During this time, you have the right to leave the deal for no reason, as does the seller. The seller may also entertain other offers at this time, so you want to be in and out of attorney review as quickly as possible.
When you are under contract after the attorney review period, you are in a legally binding contract. Neither party may walk away from the deal without a just reason. And if the buyer walks away, the buyer risks losing his/her deposit. Once under contract, the buyer has the right to get an inspection. A certified inspector will come out and inspect the property and give a report on repairs that may be necessary on the property.
After inspection issues have been dealt with, and the seller has the C/O (Certificate of Occupancy) and the buyer’s mortgage commitment is ready, you are basically ready to go to the closing table!
The buyer is responsible for their own closing costs, which tend to vary. Your mortgage representative will be able to give you a “good faith” estimate on what your closing costs may be. There are also some programs that allow you to finance closing costs as well.
Please review the Process & Contract Milestone Chart