Steps to Closing on your new home
- 1Meeting of the Minds
When the buyer and seller come to an agreed upon price and terms.
- 2Engineers Inspection
Should be done with in 72 house of meeting of the minds.
Once your inspection is complete and you give the OK, the seller’s attorney will send contracts to your attorney.
Your attorney will review the contracts and have you come in to sign them. This is the point at which you will turn over your deposit check to your attorney.
You are now in ½ Contract. Your attorney will send the contacts and the deposit check to the seller’s attorney.
Once the seller’s attorney reviews the contract for changes, he will ask the seller to come in and sign the contract. The deposit is held in Escrow until closing.
You are now in Full Contract.
Make sure you get copies of the contract for you mortgage company.
Be sure to keep copies for yourself. Your attorney will order a title search of the property your are purchasing.
- 4Closing Upon completion of all of the above, the bank and both attorneys will set up your closing date. You and I will complete a final walk thru of the premises the day before or the day of closing. You will need to contact the utility companies, ie: electric, water, gas, oil, cable and telephone.
Give them the date you will be taking possession of your new home.