What It Takes To Make A Closing Happen

ACTION RESPONSIBLE PARTY
Create Contract with all Terms and ConditionsBuyer/Seller (Realtors if Applicable)
Sign Contract Buyers and Sellers
Order Title Insurance and Deposit Earnest Money Seller/Title Company
Order Home Inspection (Optional) Buyer
Submit Formal Application for Loan; Notify Seller and Title Company Buyer
Order Appraisal Lender
Receive Home Inspection; Notify Seller as Required. Buyer
Title Search Completed Buyer and Seller
Title Insurance Commitment Issued to Lender Buyer and Seller
Appraisal Complete Title Company
Receive Formal Acceptance of Loan Buyer
Notify Seller and Title Company Buyer
Order Survey and Termite Inspection if applicable` Buyer/Title Company
Order Survey and Termite Inspection if applicable Buyer/Title Company
Order Payoff Information Seller/Title Company
Receive Survey and Termite Inspection Title Company
Lender Sends Closing Package to Title Company Lender/Title Company
Final Figures Computed Lender/Title Company
Closing – All are Invited Buyer/Seller/Closing Agent
Buyer’s Realtor/Seller’s Realtor

Once the Agreement For Sale has been signed, we have found that Buyers and Sellers generally are not familiar with the steps necessary to get to the closing table. After all, it’s not something you do everyday. The outline shown below will give you an idea of the steps that follow the signing of the contract and lead to the closing. Every transaction will be different; they can occur more quickly or can take longer, and might not include everything shown below. But this will give you a good idea of what to expect, when certain steps should be done and who should do them.

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