| Task |
Description |
| Date of Acceptance |
Date buyer has a signed purchase agreement offer on the property the buyer wants to purchase |
| Loan Application |
Buyer delivers signed purchase agreement to their lender and starts the application process. Must be completed within 7 days from the date of the accepted offer. |
| Order Title Work |
The seller's agent orders a search to be completed on the property with a title company (ex. Chicago Title) to identify any and all liens, such as seller's mortgage, property tax. Also the title company will issue a owner's and buyer's title policy to protect them against any liens which many not have came up during the title search. |
| Buyer's Inspection |
Optional, highly recommended for all purchases. Buyer only has 14 days from date of acceptance to complete the inspection and submit a repair amendment for any repairs. Cost estimate: $300 |
| Mold Testing |
Optional. Buyer has only 21 days from the date of acceptance to get completed. The testing takes 10 business days. Cost estimate: $1000. |
| Radon Testing |
Optional. Buyer has only 14 days from the date of acceptance to get completed. The testing takes 3 days. Cost estimate: $120. |
| Appraisal |
Buyer's lender sends an appraiser to the property to determine the property's value. The property's value must be at least equal to the amount of the buyer's accepted offer or the buyer doesn't not have to purchase the property. |
| Termite Inspection |
Optional, highly recommended for all purchases. Must be completed at least five days but no more than 30 days prior to closing. Cost estimate: $60. |
| Review Title Commitment |
Once the title work is completed, the buyer's agent will review the documentation with the buyer. It should show all liens against the property. The dead/title is sometimes available to be reviewed at this same time. |
| Loan Commitment |
This is a letter from the buyer's lender which states the lender has completed processing the loan and the lender is ready to fund the mortgage. This is usually completed one week prior to closing on a 30 day closing. |
| Radon Test Results |
When radon testing is requested, the results come 3 days after the equipment was set-up at the property. |
| Mold Test Results |
When mold testing is requested, the mold test results come back from the lab in approximately 3-10 days after the sample was taken. |
| Buyer Homeowner's Insurance Policy |
Buyer to purchase 1-years homeowner's insurance and provide to lender after final loan commitment, but at least 5 days prior to closing. |
| Utility Transfer |
Buyer to call all utility companies, after final loan commitment, but 7 days prior to closing and request all utilities placed into their name on the date of closing. |
| Final Walk-Through |
Buyer walks through the property one day prior to closing to ensure the property is in the same condition as of the date they wrote the offer. |
| Review HUD Closing Statement |
This is usually done during the final walk-through of the property. The HUD statement shows all the closing costs for the buyer. It will include the dollar amount the buyer should bring to closing in a cashier's check. |
| Closing! |
This is the date the buyer, seller and their agents all meet at the title company. The buyer signs all the mortgage documents and both the buyer and seller sign all other documents (such as HUD statement, tax proration, transfer taxes, termite report) related to the sale of the property. This is the date the buyer gets the keys and takes ownership of the property |
