As soon as you have an accepted Purchase and Sale Agreement (PASA) your earnest money will be deposited into escrow per terms of the contract.
By Contract, the buyer's deposit is protected for the following reasons:
You need to make loan application within 5 days. At the time of application, you may have to pay your lender for the credit report and appraisal up-front or it may be included in your closing costs,
The appraisal is ordered by the lender and is usually completed within the first few weeks of the transaction depending on the appraiser's schedule.
You will need to check with a home insurance company for insurability of the property immediately. This is part of your due diligence period. I am happy to make recommendations.
The seller typically chooses the title company / real estate attorney to handle the transaction, including establishing marketable title and obtaining a title insurance policy. The title company will also order a survey if required by contract.
Building, Termite/WDO & Environmental Inspections need to be scheduled right away and completed within 10 days.
After discussing any concerns from the inspections, you may choose to submit a repair request to the sellers. Buyer and seller have 7 days from seller's receipt of request to come to an agreement. If no agreement can be reached within the 7 days, buyer has 3 days after the 7 days to cancel contract.
Loan approval needs to be received from your lender based on the time frame outlined in the PASA. If loan approval cannot be obtained within the appropriate time frame, evidence should be presented in writing to the seller in order to protect the deposit. If outside of the contracted time frame, the deposit will be forfeited to the seller.
The date for closing is established in your contract. If it appears the date will be moved, I will let you know as soon as that information has been received. Sometimes the process moves along so well that the closing date can be moved earlier than originally scheduled. I will set the closing time with the title company based on your schedule. You will receive confirmation ahead of time so that you can make arrangements to sign paperwork.
Cancel utilities and services to take effect the day after closing. This includes:
We will schedule the final walkthrough, usually a day before closing, to ensure that it is still in the condition it was when you initially wrote the contract and no appliances, fixtures, plants, etc. have been removed.
Wire funds or bring a cashier's check, made payable to the Title Company. Bring your photo IDs. **PLEASE BE AWARE OF WIRE FRAUD!!!** I will remind you to never transfer money until you have verbally confirmed the instructions with the title agent. This is a very serious issue and some buyers have lost their life savings to computer hackers. Even if an email looks official, do not take wiring instructions or changes to instructions from an email.
©2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.