CongratULATIONs, you’re under contract! Whether paying cash or LOAN financing, you’re A step closer to closing day.  what ARE THE NEXT STEPS?

While this is cause for celebration, the journey to homeownership isn't over yet. In fact, in many ways, it's just beginning. The period between contract and closing is filled with important tasks, deadlines, and decisions that can significantly impact your home purchase experience. Let's walk through these essential steps in a cash purchase and in a financed purchase. 

Paying Cash - Typical Timeline: 7 to 15 days (may vary)

Cash deals are typically faster and simpler since you’re not waiting on a lender to process your home loan. Here are your next steps:

Escrow Money Deposit
You’ll need to send your escrow deposit, also called your “good faith” deposit, within the timeframe outlined in your contract, typically within 1 to 3 business days of contract acceptance. The title company will send you wire transfer instructions for your deposit. Important: Always call the title company directly using their main phone number and verify their instructions before sending your funds to protect yourself from wire fraud.

Schedule  Inspections
Unless you’ve waived inspections because the seller has provided their own recent inspection report and you’ve decided to accept that, this is your opportunity to hire your own inspector. The time for inspections may be less than a financed deal since cash closings can process significantly quicker. We have trusted inspection companies we can recommend, but you’re welcome to use any licensed inspector of your choosing.

Homeowners Insurance
Even with cash transactions, it’s important to secure a homeowners insurance policy before your closing, which protects you from the moment you own the property.

Order Survey (if applicable)
If the seller has a previous survey, we can request a copy and see as long as the title company will accept it, which will save you money. Otherwise, the title company will order a new survey.

Title Commitment Review
The title company will send us the title commitment for review. The title commitment confirms the seller’s legal right to sell the home and lists any liens, easements, or restrictions on the property.

Final Walkthrough
Usually done within 24 to 48 hours before closing to confirm the property is in the agreed-upon condition.

Closing
Once your inspections and due diligence have been completed, the title company will prepare all closing documents. We recommend wiring your closing funds one day prior to the closing to avoid any wire transfer delays. On the closing day, you’ll sign your documents and receive your keys.

FinancED Purchase - Typical Timeline: 30 days

If you’re obtaining a mortgage loan, there are a few additional steps associated with your new loan involved in the process.

Escrow Money Deposit
As with the cash deal, you’ll need to send your escrow deposit, also called your “good faith” deposit, within the timeframe outlined in your contract, typically within 1 to 3 business days of contract acceptance. The title company will send you wire transfer instructions for your deposit. Important: Always call the title company directly using their main phone number and verify their instructions before sending your funds to protect yourself from wire fraud.

Schedule Your Inspections
You’ll usually have an inspection period of up to 15 days unless we negotiated differently to make your offer more competitive. This is when you can complete a general home inspection and any specialty inspections you choose. I have an inspector I trust and can recommend, but you can choose anyone you’d like.

Secure Homeowners Insurance
Your lender will require proof of homeowners' insurance before closing. Start shopping for quotes early so we can provide your lender with the insurance binder on time.

Order Survey (if applicable)

If the seller has a previous survey, we can request a copy and see as long as the title company will accept it, which will save you money. Otherwise, the title company will order a new survey.

Title Commitment Review
The title company will send us the title commitment for review. The title commitment confirms the seller’s legal right to sell the home and lists any liens, easements, or restrictions on the property.

Lender Orders Appraisal
Your lender will typically order the appraisal after your inspection period has ended, and once you’ve confirmed you’re moving forward with your purchase.

Complete Loan Conditions
You’ll continue to submit updated documents to your loan officer such as bank statements, employment pay stubs, and any other requested information for underwriting loan approval.

Clear to Close
Once underwriting is complete and the appraisal meets value, you’ll get the all-clear from your lender.

Final Walkthrough
Usually done within 24 to 48 hours before closing to confirm the property is in the agreed-upon condition.

Closing
Once your inspections and due diligence have been completed, the title company will prepare all closing documents. We recommend wiring your closing funds one day prior to the closing to avoid any wire transfer delays. On the closing day, you’ll sign your documents and receive your keys.

Tips for a Smooth Closing Process

• Avoid big purchases or credit changes during this time if you’re financing.
• Respond quickly to requests from your title company, lender, or agent to avoid delays.
• Always verify wire instructions by phone before sending any funds.
• Ask questions so you feel confident every step of the way.