Page 11 - The Vanderblue Team's Buyer's Guide

Transaction Timeline

Once there is an o¢er and acceptance, a fully executed Binder with
a deposit check (usually 1%), a pre-approval letter from a mortgage
company, or proof of funds, the following is considered the standard
sequence of events:

Inspections:

You will have a home inspection done at your expense. This should occur within 7 days of the fully
executed Binder. The Inspector will check the condition of the structure from basement to roof, the
mechanicals, the appliances that are to remain as part of the sale, for termites, for lead in all houses
built before 1978, for radon (optional), the septic tank, well, the pool and oil tank if applicable.

Contracts:

Once the Binder is fully executed and before inspections are completed, you will need to hire a Real
Estate Attorney who will represent you at the closing and review the contract forwarded by the
Seller’s Attorney. Within approximately 10 business days, you will need to sign these formal contracts.
By that time, any building inspection issues should be resolved. Upon signing the contract, you will
need to write a check or wire for an amount agreed upon at Binder (10% is a standard Binder deposit
but is negotiable). This check is typically placed in the Seller’s Attorney’s Escrow Account. Contracts
are then returned to the Seller’s Attorney for the Sellers to review and sign.

Mortgage Contingency:

There is often a Mortgage Contingency included in an o€er. The mortgage amount is indicated in the
Binder, and again in the contracts. You will generally request a period of time, often between 14-30
business days, for mortgage approval (this, too, is stipulated in the Binder and the contract). Once
you submit an application, which should be done immediately, the Mortgage Company will contact a
licensed appraiser to complete a formal appraisal of the home you are purchasing. This is most often
completed within two weeks of the fully executed Binder. It is in your best interest to request your
Mortgage Broker to order it as soon as possible.

Closing:

The closing is generally held at the Seller’s Attorney’s o¥ce. There are times, however, when the
lender requires that a closing be held in the o¥ce of their Attorney. On the day of the closing you
will complete a “final walk-through” and will personally inspect the home you are purchasing to see
that it is in the same condition as when your o€er was accepted. If there were repairs to be made as
a result of the inspection, you will want to ensure that they were done according to the contractual
agreement. The “final walk-through” is arranged through the Real Estate Agents involved in the sale.
The date of closing was agreed upon during the negotiating period and is indicated in the contract.
The time of closing is usually determined within the last week of the closing date. By this date you
are all packed and ready to go. Except for a few incidentals that might need your attention, (please
refer to your “Closing Checklist”), your buying journey is over and you have reached your goal.
Congratulations, it’s time to celebrate!

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