Within the 1-5 days of going under contract
– Buyer to make sure they are pre-approved with their lender before signing any Offer to Purchase and Contract
– Once the Offer to Purchase and Contract is verbally accepted both the buyer and seller will sign it to make it official
– Buyer to select a closing attorney (I can provide a list of preferred attorneys). North Carolina is mostly an attorney closing state versus title insurance closing state. Make sure your lender is aware.
– Deliver “Due Diligence Money” (check and/or wire transfer) to the listing agent and/or to the seller immediately after going under contract. See definition below
– Deliver “Earnest Money” (check and/or wire transfer) to the listing agent and/or closing attorney office within 5 days of going under contract
– Offer to Purchase and Contract sent to buyer’s closing attorney and buyer’s lender
Within 14 days after going under contract
– Buyer to complete final loan application
– Buyer to inform their agent and/or closing attorney that they want a new property survey performed. I highly recommend any buyer to have a new survey performed.
– Initial inspections of the home are scheduled and performed. See definition below
– Buyer’s lender orders appraisal. Some lender’s may waive the appraisal.
– Negotiate repairs or other terms (all repairs are negotiable)
– Review other due diligence considerations
– Final negotiations
– Buyer to select and setup homeowners insurance
– Buyer’s closing attorney completes title insurance
The next 14 days after going under contract
– Buyer to setup utilities
– Buyer to arrange movers
– Buyer to sign lender disclosure(s). Buyer to check with their lender on the exact number of days.
– Buyer to review and/or sign lender’s Closing Disclosure (aka CD)
– Buyer to wire necessary funds to the closing attorney at least 24 hours prior to closing
– Buyer and their agent will do a final walk through of the property to make sure all repairs are completed as well to make sure the property is in the same condition as it was when the offer to purchase was signed.
The final walk through is usually 1-3 days prior to closing
– Please note for insurance reasons most seller will NOT allow the buyer to store items in the property prior to closing
– Attend closing. Buyer must have valid driver license and/or passport at closing
– Once the deed is recorded the buyers can have the keys and access to the house
– Move in!
Due Diligence Period and Money: The period of time after the Offer to Purchase and Contract is signed in which the buyer completed all inspections, appraisal and research on the property. During this period, the buyer may unilaterally terminate the offer to purchase for ANY reason without repercussion prior to the expiration of the due diligence period/date. However, the buyer will forfeit any due diligence fee given to the seller-this fee is considered payment to the seller for discontinuing marketing of the home while inspections and repair negotiations are completed. Any earnest money should be refunded to the buyer prior to the due diligence date but will be forfeited after the due diligence date
Pending: The period of time after the due diligence period that both the buyer and seller are now bound by the terms in the Offer to Purchase and Contract. If the buyer terminates the offer to purchase at this point the buyer is in breach of contract and any earnest money should be released by the escrow agent (usually closing attorney and list firm hold the earnest money) and delivered to the seller.
Initial Recommended Inspections: Home inspection, radon inspection, pest inspection, HVAC inspection, property survey, well and water inspection (if outside the city limits).