Offer to Purchase and Contract/Effective Date - signed by all parties
- Apply for Financing (Lender will arrange Appraisal)
Due Diligence Period
- Schedule Home Inspection (Schedule water and septic if private systems)
- Select Closing Attorney and schedule Closing Date
- Inspections to be completed during Due Diligence Period:
- Home inspection
- Title search
- Buyers and Sellers negotiate repairs (through Brokers)
- Set up Homeowners’ Insurance for new property (make sure property is insurable during the Due Diligence Period)
- Pest Inspection (Buyer attendance optional)
Prior to Closing
- Possibility of renegotiating terms of at the end of the Due Diligence Period
- If additional earnest money is part of the terms of the contract, such fund must be cash or bank certified check
- Buyer sets up Utilities, transfer on Closing Day
- Walk through Inspection by Buyers & Broker to confirm that repairs are completed
Between Due Diligence Period and Closing
- Review draft of HUD-1 or Settlement Statement for accuracy.
- CLOSING at Attorney’s Office, Buyer(s) usually present to review and sign documents.
- Provide Bank Certified Check for amount due!